July 2, 2018 / 5:39 AM / 4 months ago

Australia's CBA slapped with shareholder class action

FILE PHOTO: A Commonwealth Bank logo adorns an Automatic Tellar Machine (ATM) located in Sydney, Australia, in this picture taken November 12, 2014. REUTERS/David Gray/File Photo

(Reuters) - Commonwealth Bank of Australia (CBA.AX) said on Monday it had been served with a class action lawsuit filed by Phi Finney McDonald on behalf of certain shareholders.

The class action was filed on behalf of certain shareholders who acquired an interest in CBA’s shares between June 16, 2014 and Aug. 3, 2017, the bank said in a statement.

The bank added that the proceeding involved similar claims to the shareholder class action commenced by Maurice Blackburn against the bank in October 2017, and that it intended to “vigorously” defend the claim.

Maurice Blackburn had filed a class action against CBA on behalf of shareholders, accusing the lender of failing to disclose widespread breaches of anti-money-laundering rules.

Reporting by Ambar Warrick in Bengaluru; Editing by Himani Sarkar

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