Commonwealth Bank of Australia (CBA) notes the judgment delivered in its favour today by the Federal Court of Australia in the long-running Zonia and Baron shareholder class actions brought against it in 2017 and 2018 respectively, stating that the proceedings will be dismissed.
The two class actions related to allegations that CBA was in breach of its continuous disclosure obligations by not disclosing certain material information relating to its Anti-Money Laundering and Counter-Terrorism Financing compliance environment, over a three year period prior to civil penalty proceedings against CBA being commenced by the Australian Transaction Reports and Analysis Centre (AUSTRAC), and that CBA made certain misrepresentations to the market. CBA denied the allegations.
