The Commonwealth Bank of Australia (ASX:CBA) says class action launched against Colonial First State Investments

Company News

by Rachael Jones

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.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.