Commonwealth Bank welcomes the Court’s approval of the Sherwood settlement
Wednesday, 8 July 2015
The Commonwealth Bank welcomes the Federal Court’s decision to approve its settlement with the Applicants in the Sherwood class action to resolve the proceedings.
We are pleased with the Court’s decision. This result delivers certainty to our affected customers who might have otherwise faced further delay to a resolution.
Under the settlement, the Commonwealth Bank will make available to its eligible customers a settlement sum which is equal to the compensation they were offered under the ASIC/CBA settlement, less legal costs and plus interest (if applicable).
Subject to any appeal of the Court’s judgment, we will continue to work with all parties to ensure that the terms of the settlement, which include a process for the distribution of compensation to eligible customers, are implemented as soon as practicable.
The settlement was reached without any admission of liability by the Commonwealth Bank Group.