Class action appeal prolongs CBA’s Count stake

Mike Taylor

Managing Editor/Publisher, Financial Newswire

30 June 2025

The Commonwealth Bank appears set to hold its remaining shareholding in Count Limited for a little longer after an appeal was lodged against a Federal Court decision dismissing a fee for no service class action.

The class action, while it remained on foot, was one of the reasons the Commonwealth Bank retained its more than 20% stake in Count which it sold to CountPlus in 2019 with associated legal indemnities.

When the Federal Court ruled on 27 May that the class action mounted against Count Financial was dismissed both Count Limited and the Commonwealth Bank acknowledged the decision without substantial comment.

However, on Thursday last week Count Limited jumped the gun in noting the expiry of the 28-day period for the mounting of an appeal only to correct its position.

The company said that at the time of its first ASX release of the day, it had not received notification of an appeal against the 27 May judgement.

“Count advises that this afternoon Count Financial received a Notice of Appeal in relation to the Class Action which, Count understands was filed with the Federal Court of Australia within the prescribed time-frame.

The Commonwealth Bank has progressively reduced the size of its stake in Count Financial, but its remaining shareholding is regarded as pivotal to future ownership of Count Limited.

Notwithstanding the class action appeal, Count Limited closed the week with its share price hovering around 99 cents.