Another A$2 billion was wiped yesterday from the market worth of Commonwealth Bank as investors reacted to a directions hearing in the Federal Court on Austrac's civil claim and news of a clean-out of board positions.On higher than average turnover, CBA scrip underperformed all other listed banking stocks, closing down $1.07 or 1.4 per cent to $74.41.The share price has shed almost 11.5 per cent since details of the Austrac litigation were announced to the market on 4 August.A clear signal to investors from the directions hearing was that the litigation mau even last for several years, with substantial hearings into the 53,000 alleged breaches not likely to begin before the middle of 2018.The next directions hearing for the case is not scheduled before the first week of April next year.While the prospect of drawn-out litigation might usually be seen as a positive for bank defendants in civil proceedings, in this case it seems to have discouraged investors.With CBA having already acknowledged the risk that its errant processes led to reporting failures, there is a liklihood the bank may have to book a provision in the current financial year.If the bank decides to take such action, the impact of the civil proceedings might show on the bottom line in the 2018 accounts.A shake-out of board positions announced by the bank before the market opened appeared to have little impact on market sentiment.Under changes announced by chairman Catherine Livingstone, the former head of the risk committee, Harrison Young, will retire from the board.Another independent director, Launa Inman, will also depart the board at the conclusion of the annual meeting on 16 November.Former Westpac senior executive Rob Whitfield has been appointed an independent director.