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$450m class action launched against NAB
Law Firm News |
2010/11/28 21:05
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pA $450 million class action is being launched on behalf of National Australia Bank shareholders who lost money during the global financial crisis because of NAB's exposure to toxic debt./ppLegal firm Maurice Blackburn will lodge the claim in a Victorian court tomorrow./ppThe firm says NAB had bought $1.2 billion in collateralised debt obligations (CDO) in 2006 which had a heavy exposure to the US sub-prime housing market./ppIt will allege that between early January and late July that year, NAB failed to properly disclose to shareholders all material information relating to its CDO exposure./p
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