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.
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 billionRead More