Commonwealth Bank (ASX:CBA) sued over ‘misleading’ conduct

The corporate watchdog has started legal action against the Commonwealth Bank of Australia (ASX: CBA), accusing it of misleading or deceptive conduct.

The Australian Securities and Investment Commission (ASIC) will also allege that the bank has violated its Australian financial services licence requirements.

The accusations revolve around almost $55 million in fees charged to more than 800,000 accounts, affecting almost a million customers.

ASIC will allege in the Federal Court that Commonwealth Bank incorrectly charged monthly fees to customers who were actually entitled to have it waived. The waiver criteria were stated in their contracts…