CBA class action: Giant US pension funds to sue Commonwealth Bank over Austrac scandal

Jeff Whalley, Herald Sun

FOUR giant US pension funds are preparing to sue the Commonwealth Bank in a move dramatically widening the fallout from the money-laundering scandal that has engulfed the lender.

The pension funds — including the $US224 billion ($292 billion) California State Teachers’ Retirement System — are among “a significant number” of institutions planning to launch a fresh class action against the bank.

It marks a bombshell for new CBA chief Matt Comyn, who took the reins of Australia’s biggest bank yesterday. Continue reading “CBA class action: Giant US pension funds to sue Commonwealth Bank over Austrac scandal”