Australian regulator files lawsuit against CBA unit Colonial First State Investments

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© Reuters. Australian regulator files lawsuit against CBA unit Colonial First State Investments© Reuters. Australian regulator files lawsuit against CBA unit Colonial First State Investments

(Reuters) – Australia’s corporate regulator said on Tuesday it filed a civil penalty lawsuit against Commonwealth Bank (AX:) unit Colonial First State Investments for deceptive communication regarding a financial product, in a case that stems from a government-ordered inquiry into the financial sector.

The Australian Securities and Investments Commission said in a statement that the miscommunication hindered customers of the FirstChoice Fund product from transitioning to the cheaper MySuper product.

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