Australia’s largest bank is facing a potential $200 million class action brought by investors who lost money through bad financial planning advice.
The Australian Financial Review says Shine Lawyers is investigating the class action after it was contacted by disgruntled former CBA customers.
A recent Fairfax Media/ABC news report highlighted issues with some of the bank’s planners, who have been barred by ASIC for their actions, which include overcharging fees, forging signatures and creating unauthorised investment accounts.
“Shine is now investigating a potential class action on behalf of up to 3000 investors whose money was placed into Commonwealth Bank of Australia products through its wholly owned subsidiaries Financial Wisdom, Commonwealth Financial Planning, Colonial Life Insurance, CommInsure and Colonial First State Investments,” Shine partner Sasha Ivantsoff said.
A CBA spokesperson said the bank does not comment on speculation and rumour.