Criminal proceedings against CBA dropped

Criminal proceedings against the big four bank have been dismissed due to an expired limitation period.

Emma Musgrave • 20 December 2022 • Big Law

In a statement this morning (20 December 2022), the Australian Securities and Investments Commission (ASIC) confirmed the proceedings against CBA had been officially dismissed due to the underlying criminal charges being statute barred.

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“CBA had previously pleaded guilty to 30 criminal charges of making false or misleading representations to customers when selling consumer credit insurance, contrary to ss12GB(1) and 12DB(1)(e) of the Australian Securities and Investments Commission Act 2001 (Cth) (the ASIC Act). The conduct occurred between 2011 and 2015, and the proceedings were filed in 2021,” ASIC’s statement explained.

“On 28 November 2022, in respect of a separate matter, the Full Court of the Federal Court found that the effect of s12GB(6) of the ASIC Act is to create a limitation period requiring proceedings for an offence against s12GB(1) of the ASIC Act to be commenced within three years after the commission of the offence.

“The effect of this decision was to render the charges against the CBA invalid as they were statute barred.”

The matter was being prosecuted by the Commonwealth Director of Public Prosecutions (CDPP) following an investigation and referral by ASIC.

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The latest on this matter comes after the Federal Court made orders by consent dismissing the proceedings against CBA and that each party bear its own costs on 14 December.

Late last month, the Federal Court also dismissed proceedings brought by the corporate regulator alleging that CBA had engaged in misleading or deceptive conduct over monthly access fees.

Emma Musgrave

Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.

Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.

Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.

She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.

Email Emma on: Emma.Musgrave@momentummedia.com.au

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