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Lawsuit Filed Against Commonwealth Bank of Australia for Breaching Money Laundering Rules
September 07, 2017
Australian litigation financier IMF Bentham Ltd announced that it will offer the financial backing for an open-action lawsuit against Commonwealth Bank of Australia (CBA) in a case involving breaching of anti-money laundering rules.
IMF said that it will finance the litigation on the behalf of the stakeholders of CBA who bought its stocks during the period from August 17, 2015, to August 3, 2017.
While CBA has admitted that illegal money transfers did take place through its accounts, it said that the majority of them was on the account of coding errors which is why it will contest its degree of responsibility.
