The claim, filed on June 29, has been brought on behalf of investors that acquired CBA (CBA) shares between 16 June 2014 and 3 August 2017 and has received public backing from institutional investors across Australia, Europe and North America, including heavyweight US pension funds.

The class action follows CBA’s $700m settlement with Austrac over widespread breaches of the Anti-Money Laundering and Counter-Terrorism Financing Act.

“This class action has been brought on behalf of those investors that have made a conscious decision to pursue CBA for its alleged misconduct,” Phi Finney McDonald director Odette McDonald said.

It also represented a turning point in Australian shareholder class actions, she said.

“It reflects the rising levels of engagement amongst institutional investors, who are taking time to consider their options. Our clients are keen to pursue losses from alleged wrongdoers whether for themselves or as fiduciaries. However, they also want influence over who represents them, and on what terms.”

Registrations for the class action have closed and it is limited to investors who executed litigation funding agreements with Therium Australia Limited, Phi Finney McDonald said.

CBA also faces a separate class action launched on behalf of retail shareholders in October by Maurice Blackburn Lawyers.