Federal Court Instructs CBA to Pay $5 Million Over the AgriAdvantage Plus Package

  • Jun 07, 2020 AEST
  • Team Kalkine

The Federal Court has directed Commonwealth Bank Of Australia (ASX:CBA) has been asked by to give $5 million as fine for breaching the ASIC Act and Corporations Act for failures of their AgriAdvantage Plus Package. CBA has also been directed by the Federal Court to declare a Corrective Notice as per the form decided by the Court.

From May 2005 till December 2015, CBA sold clients the AgriAdvantage Plus Package which allowed them to get advantages in the form of fee waivers, interest rate discounts & bonus interest on savings against the payment of package fees on twenty two CBA products.


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