Commonwealth Bank of Australia (ASX:CBA) reached an in-principle agreement to settle a class action against the company and its Colonial First State Investments and Avanteos Investments affiliates for AU$249 million, according to a Wednesday filing with the Australian bourse.

The litigation is related to certain cash and deposit options issued by Commonwealth Bank and offered through Colonial First State superannuation and wrap products between November 2008 and September 2021.

The agreement is subject to approval from Australia's Federal Court.

Commonwealth Bank of Australia and its affiliates made no admission of liability or wrongdoing in agreeing to settle the matter. The bank said the settlement is covered by a previously recognized provision.