Commonwealth Bank of Australia Unit Sued Over Investment Advice

Commonwealth Financial Planning, the investment adviser owned by Commonwealth Bank of Australia, gave bad advice that cost its clients millions of dollars, Maurice Blackburn Lawyers claimed in a lawsuit.

Maurice Blackburn, which sued Financial Planning in March on behalf of seven people who lost a combined A$4.3 million ($4.4 million), filed another lawsuit today on behalf of several more investors. The law firm secured compensation for some of the investors in the previous suit, it said in a statement today.

To contact the reporter on this story: Joe Schneider in Sydney at jschneider5@bloomberg.net

To contact the editor responsible for this story: Douglas Wong at dwong19@bloomberg.net

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