The Bulletin

Court throws out ASIC's $22m case against Commonwealth Bank

The corporate watchdog has failed in its $22 million civil action against Commonwealth Bank of Australia, with the Federal Court today dismissing claims that the banking giant had wronged its customers who had signed up to one of its superannuation products.

The Daily Mail website reported in a rebuke for the arguments put forward by ASIC, Federal Court Justice Stewart Anderson says the corporate regulator put ‘form’ ahead of ‘substance’ to prove its case which had stemmed from the banking royal commission that concluded in 2019.

The website said in handing down his judgment today, Anderson said ASIC failed to establish that CBA had received ‘conflicted remuneration’ from its former subsidiary Colonial First State after it signed up customers to Essential Super between 2013 and 2019.

Read the full report here.

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