CBA victory shows tide is turning on shareholder claims

The Commonwealth Bank has defeated two shareholder class actions over breaches of money laundering laws in a decision that experts say is proof the tide is turning against plaintiff lawyers and litigation funders.

Justice David Yates of the Federal Court rejected claims the bank should have told investors in 2015 about the breaches – for which it paid a $700 million fine – and that it would have had a “material effect” on the share price.