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Australia's IMF Bentham to fund class action against Commonwealth Bank of Australia
September 4, 2017 / 11:05 PM / 17 days ago

Australia's IMF Bentham to fund class action against Commonwealth Bank of Australia

Sept 5 (Reuters) - Australian litigation financier IMF Bentham Ltd said it would fund an open class action lawsuit against Commonwealth Bank of Australia in relation to allegations it oversaw thousands of breaches of anti-money laundering rules.

IMF said on Tuesday that it will bankroll the class action on behalf of all CBA shareholders who bought stock between Aug. 17, 2015 and Aug. 3, 2017, without elaborating on the reason for that timeframe.

The decision to file a lawsuit comes a day after a management shakeup at the country’s biggest lender which involved three of its nine non-executive directors leaving. (Reporting by Sandhya Sampath in Bengaluru; Editing by Byron Kaye and Richard Pullin)

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