CBA class action in the nick of time

Reported in lawyersweekly.com.au, time is running out for firms to make the big banks pay for their role in the GFC, with Piper Alderman launching a class action against the Commonwealth Bank of Australia (CBA) just inside the limitation period.

Pipers filed an action in the Federal Court last week (7 February) that aims to recoup a portion of $140 million in investments wiped out by the GFC, which were purchased from CBA between 2006 and 2007.

The firm is alleging that CBA breached its obligations as a financial services licensee to act honestly and fairly by not fully disclosing the risks associated with the volatile financial products known as synthetic collateralised debt obligations (SCDOs).

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