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Pension giants launch class action against Commonwealth Bank

Four US pension funds have joined the latest class action against Commonwealth Bank.

This makes it the second class action the bank faces in relation to money-laundering.

Melbourne law firm Phi Finney McDonald was approached to launch the action by US pension funds with a combined net worth close to US$500 billion.

The action alleges for a period of three years Commonwealth Bank was aware it had issues with its ATMs allowing and facilitating the contravention of anti-money laundering and counter-terrorism legislation.

Tim Finney tells Ross Greenwood the bank failed to notify shareholders.

“When AUSTRAC became aware, the bank still failed to disclose that to shareholders.”

Listen to the full interview below