Omni Bridgeway Takes Hit From Australian Bank Suit Dismissal

A shareholder class action against the Commonwealth Bank of Australia that was partially funded by Omni Bridgeway was dismissed on Friday.

The global funder invested $6.3 million into the claims and sold a 20% interest for $4.9 million in June 2022, resulting in a net $1.4 million cash loss. Omni Bridgeway is publicly traded on the Australia Stock Exchange and halted trading ahead of the decision. The stock on Thursday closed at 0.90, sinking to a 52-week low.

In 2017, regulator AUSTRAC filed a lawsuit against the bank alleging it breached money laundering laws after allowing large cash deposits through ...