CBA share price slips amid potential $900 million damages news
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The Commonwealth Bank of Australia (ASX: CBA) share price is slipping lower today, currently down 0.76% at $157.38 apiece.
Despite no price-sensitive news from CBA, shares are down amid reports that the bank and its subsidiary, Colonial First State, may face damages due to a long-standing superannuation-related class action.
The matter was before the Court on Thursday, with the judge noting the estimated damages against both parties could reach $900 million. Let’s take a look.
Class action rears its head again
The Federal Court has been hearing a class-action lawsuit initially filed by law firm Slater & Gordon in 2018 on behalf of Colonial First State’s superannuation members.
The case alleges that Colonial…
