March 16, 2020 / 6:27 AM / 19 days ago

Australia's CBA says will admit to allegations in two lawsuits by regulator

March 16 (Reuters) - Australia’s Commonwealth Bank said on Monday it will not contest two lawsuits by the country’s corporate regulator that stemmed from a government ordered inquiry into the financial sector for wrongdoing.

“CBA intends to admit the allegations made in ASIC’s Concise Statements for both matters and does not intend to defend the proceedings,” Australia’s tp lender said in a statement.

The lawsuits lodged by the Australian Securities and Investments Commission relate to breaches of its consumer protection provisions and the nation consumer credit protection act, respectively.

Reporting By Rushil Dutta in Bengaluru; Editing by Kim Coghill

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