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What are the implications of the class action being taken against CBA by Morris Blackburn on behalf of CBA shareholders? If the case finds in favour of the shareholders, who are the winners and who are the losers? We hold CBA shares and have not taken any action.
Thank you
A: This class action will play out over a long time. My guess is that these actions, plus the APRA enquiry/AUSTRAC legal action will keep CBA under pressure and that it will underperform relative to its bank peers. It needs some clear air, and until it announces the appointment of its next CEO, hard to see it getting this.
In regard to the class action, if it succeeds winners will be those that join the action(persons who bought shares in CBA between 2015 and August 2017), losers will be all other CBA shareholders. CBA will have insurance in place, which may indemnify the Directors and may cover some or all of any damages awarded.
I have no particular insight into the chances of the class action being successful or not. That said, I am not that worried by it and I am not selling my CBA shares.
regards
