Commonwealth Bank has received another part-payment from AIA Group for CommInsure Life. The latest payment is around A$450 million and leaves around $100 million to pay on the $2.3 million acquisition. The latest payment adds 8 basis points to the bank’s common equity tier 1 capital ratio. CBA said it expects the final payment in the second half of the current financial year.

 

Consumer finance company Cash Converters has paid a final A$10 million instalment of a payout to settle a class action brought by a group of Queensland borrowers (the Lynch class action). It is the second class action the company has settled over the past couple of years. Settlement expenses of $16.4 million in 2018/19 and $42.5 million in 2019/20 helped push the company into the red in both those years.

 

The Reserve Bank will release the new $100 banknote into general circulation on October 29. The RBA says there are currently 400 million $100 banknotes in circulation.

 

US mega-bank JPMorgan Chase has agreed to pay a record US$920 million fine to settle charges that it engaged in manipulative trades of futures tied to precious metals and Treasury bonds. The Commodity Futures Trading Commission (said in a statement that JPMorgan Chase was involved in "deceptive conduct" over at least eight years that included hundreds of thousands of so-called spoof trades -- orders that were placed and quickly cancelled because they were never intended to be executed.