Commonwealth Bank of Australia
(ASX:CBA) is facing a class action against its financial planning arm.
Maurice Blackburn claims clients were given defective investment advice.
The investigation began last year when the firm sued financial planner Don Nguyen on behalf of four investors who claimed they lost $4 million as a result of his advice. Those matters have been settled.
According to court documents the new claim alleged breach of contract, breaches of the Corporations Act, negligence and misleading and deceptive conduct.
The Commonwealth Bank reported a half year net profit of $3 billion to December 31, 2010.
