Piper Alderman has filed a class action in the Federal Court relating to synthetic collateralised debt obligations, or SCDOs, purchased from the Commonwealth Bank of Australia (CBA).

This action is being led by partner Amanda Banton, who late last year led two related successful class actions against Lehman Brothers and the Standard & Poor’s rating agency.

The lead applicants in this action are Clurname Pty Ltd and Gloucester Shire Council who are looking to recover losses suffered by investors on the three SCDO investments sold by the CBA.