A law firm threatened on Wednesday to file a class action suit against Commonwealth Bank of Australia (CBA.AX) for allegedly failing to disclose that it was facing money-laundering charges, in the latest headache for Australia’s biggest listed company.
Without revealing its potential claim, top class action law firm Maurice Blackburn Lawyers and litigation funder IMF Bentham (IMF.AX) said their proposed lawsuit would be the largest of its kind ever seen in Australia.
The claim could amount to billions of dollars based on the A$7.9 billion ($6.23 billion) wiped from CBA’s market value in immediate response to the money-laundering charges, filed by a government watchdog on Aug. 3, IFM said. That would easily surpass the A$200 million ($157.82 million) shopping center owner Centro settled for in 2012.