Commonwealth Bank Agrees to $249 Million In-Principle Settlement in Colonial First State Class Action
Commonwealth Bank has agreed to a $249 million in-principle settlement with class action claimants over Colonial First State products, pending court approval.Summary
Commonwealth Bank of Australia has announced an in-principle agreement to settle a class action launched in 2018 by Slater and Gordon. The case concerns cash and deposit options offered through Colonial First State superannuation and wrap products between November 2008 and September 2021. The proposed settlement amount is $249 million, subject to final documentation and approval by the Federal Court of Australia. The settlement is covered by a provision previously recognised by the Group. CBA, Colonial First State Investments Limited, and Avanteos Investments Limited deny all allegations and do not admit any liability or wrongdoing. Upon court approval, eligible class members may receive a portion of the settlement, subject to deductions for legal fees and amounts payable to the class action funder.
(Source：Kalkine Media)