Bank's response to the Victorian Supreme Court judgment against Financial Wisdom
29 June 2004
On 29 June, a Victorian Supreme Court decision found Financial Wisdom liable for conduct engaged in until late 1996 by three former authorised representatives, and before the Commonwealth Bank's ownership of Financial Wisdom. Financial Wisdom was not found negligent in any way but the liability of the representatives was attributed to it under a former statutory provision.
The conduct of the representatives did not relate to any financial and investment products approved by Financial Wisdom, it was not carried out on Financial Wisdom's behalf and it was not connected with Financial Wisdom's securities business.
Financial Wisdom is disappointed with the result, and the lengthy judgment will need to be considered in detail before we can properly consider our position in relation to a possible appeal.
We will provide further information as soon as appropriate.