Commonwealth Bank of Australia slapped with class-action suit

Sydney

COMMONWEALTH Bank of Australia was hit on Tuesday with potentially Australia's biggest class-action lawsuit over a money-laundering scandal that has already smashed its share price and exposed it to billions of dollars in fines.

Litigation financier IMF Bentham Ltd said it would fund the lawsuit against Australia's biggest bank, accusing it of making false and misleading statements and failing to disclose breaches of anti-money laundering rules for years.