Commonwealth Bank Delighted With Court Outcome
8 December 2004
The Commonwealth Bank today said it was absolutely delighted with the outcome of the Federal Court action commenced against it and ASX Perpetual by National Exchange.
This morning, by consent the Federal Court entered judgement against National Exchange. It dismissed the action brought by National Exchange and made orders that National Exchange contribute $400,000 to the legal costs incurred by the Bank and ASX Perpetual.
At all times, the Bank has acted so as to protect the interests of its shareholders. In doing so, the Bank maintains that it had complied with the law in all its dealings with National Exchange.
The Bank’s Chief Executive Officer, David Murray remains concerned about inappropriate use of share registers, whether that be for reasons not genuinely concerned with shareholder matters or for the advancement of sectional interests.