The Commonwealth Bank of Australia (ASX:CBA) reports that class action proceedings have been filed by Shine Lawyers against Colonial First State Investments, a subsidiary of CBA.
The proceedings have also been brought against The Colonial Mutual Life Assurance Society, the key life insurance entity of CommInsure Life.
CMLA is a subsidiary of CBA but became a non-consolidated entity on 1 November 2019.
The class action relates to allegations that CFSIL did not act in the best interests of members when taking out group insurance policies obtained from CMLA.
The Commonwealth Bank and Colonial First State Investments are reviewing the claim and will provide any update as required.
Shares in Commonwealth Bank of Australia (ASX:CBA) are trading 0.3 per cent higher at $84.71.