CommBank (ASX:CBA) cops massive fine for deceptive conduct

The Federal Court has ordered Commonwealth Bank of Australia (ASX: CBA) to pay a $7 million fine for misleading and deceptive conduct.

As The Motley Fool reported in December, the Australian Securities and Investments Commission (ASIC) had taken the bank to court for overcharging interest on thousands of customers’ overdraft facilities.

Specifically the customers were told they would be charged 16% per annum, but CBA actually slugged them an eye-watering 34%.

This allegedly occurred over more than 6 years from December 2011.

CommBank did not defend the allegations of misleading and deceptive conduct and making misleading representations. The…