I was encouraged by a friend to join the CBA Class Action as I...

I was encouraged by a friend to join the CBA Class Action as I purchased shares during the specified period. I did register an expression of interest via the Maurice Blackburn website and now have been sent an email with attached documents which include a Funding Agreement and Retainer and Cost Agreement which must be completed and sent back ASAP.

Following reading the documents and assessing the situation my gut feel is it may not be worth my time and effort to join in such proceedings. There are a number of forms that need to be filled out, and they do recommend that you should seek your own legal advice ($$$) and there could be additional out of pocket costs especially if one is called to attend the hearing. (low probability)

In my case I did invest approx. $50k during the period laid out in the claim and with a fall of share price fall of 5.4% following the announcement of the AUSTRAC investigation and proposed proceedings, at best I may be awarded only a small amount of which costs will be deducted.

My investment purchase in buying the CBA shares are long term which are held in my SMSF so I really haven't suffered any great financial loss. I am just pissed off that they went down that path of non disclosure which disappointed shareholders.

In the end the shareholders will wear the cost and the legal system will benefit.

Has anyone got any thoughts on whether joining this action has any real benefit.


Regards
Wombat