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Commonwealth Bank in New Lawsuit Over Climate Risks

Commonwealth Bank

A husband and wife filed a lawsuit against No. 2 Australian lender Commonwealth Bank of Australia on Tuesday accusing it of failing to disclose investment risks associated with climate change, adding to publicity headwinds for the bank.

The unprecedented lawsuit comes less than a week after a government regulator took the A$140 billion (£85 billion) bank to court for alleged breaches of anti-money-laundering rules, a case some analysts believe will lead to hefty fines.

Both legal actions will overshadow proceedings when CBA reports what is expected to be a record annual net profit on Wednesday.

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Paul

The author Paul