Commonwealth Bank of Australia (AU:CBA) has released an update.
The New Zealand Court of Appeal has upheld a previous ruling allowing plaintiffs to proceed with a class action lawsuit against ASB, a subsidiary of Commonwealth Bank of Australia, for alleged non-compliance with credit contract laws. The lawsuit challenges ASB’s failure to provide compliant variation disclosures for certain loans between 2015 and 2019, potentially affecting hundreds of thousands of loans. The impact of the lawsuit on ASB and its parent company remains uncertain as the case continues to be vigorously defended.
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