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CBA Could Face One Of Australia's Biggest Ever Class Actions Over Money Laundering Allegations

Investors suffer share price drop

CBA Could Face One Of Australia's Biggest Ever Class Actions Over Money Laundering Allegations Pic: SCA

The Commonwealth Bank could be facing a massive class action by thousands of its shareholders.

Maurice Blackburn Lawyers is pursuing the action on behalf of CBA investors after a fall in the share price following money laundering and terrorism-funding allegations.

They say the bank's 800,000 shareholders suffered a significant drop on the back of AUSTRAC starting legal proceedings against the CBA.

"Our investigations and analysis show that this drop was in the top one per cent of price movements that CBA experienced in the past five years, making it apparent that the news was of material significance to shareholders," lawyer Andrew Watson said on Wednesday

CBA had admitted its board was aware of the breaches in the second half of 2015 but the bank said nothing to the stock exchange until August 4 this year, he said.

The class action is only open to shareholders who bought CBA shares between August 17, 2015, and August 3 this year, and who still held some stock on the afternoon of August 3.

Anyone who wants to join the action can register their claim here. 

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