Summary
A law firm threatened on Wednesday to file a class action suit against Commonwealth Bank of Australia (CBA.AX) for allegedly failing to disclose that it was facing money-laundering charges.
More than 200 shareholder class action lawsuits are filed every year in the United States, typically alleging that misleading statements and omissions in market disclosures have caused a firm’s share price to drop, according to statistics compiled from court filings by the Stanford Law School Securities Class Action Clearinghouse.
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The five biggest shareholder settlements in the United States, according to the Stanford Law School Securities Class Action Clearinghouse, are:
1. Enron Corp (2008), $7.2 billion
2. WorldCom Inc (2010), $6.1 billion
3. Tyco International Ltd (2013), $3.2 billion
4. Cendant Corp (2000), $3.19 billion
5. Nortel Networks Corp (2007), $2.9 billion
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