Australian Corporate Watchdog Sues CBA Over Alleged Business Customer Overcharging
Reuters
The Australian corporate watchdog is suing Commonwealth Bank of Australia (CBA) over allegations of overcharging business customers.
The Australian Securities and Investments Commission (ASIC) claims that CBA engaged in "unconscionable conduct" by charging certain small and medium-sized businesses (SMSBs) interest rates that were higher than agreed upon. The watchdog alleges that this practice occurred between 2015 and 2019.
ASIC is seeking compensation for affected businesses and is also asking the court to order CBA to repay any overcharged amounts.
"We allege that CBA's conduct was deliberate, systematic and widespread," said ASIC Commissioner Daniel Robst. "We will continue to pursue those who breach their responsibilities to their customers."
This action is the latest in a series of challenges faced by CBA, which has been under scrutiny for various issues in recent years.