LAW firm Maurice Blackburn says it will soon file class action proceedings against NAB for failing to disclose its exposure to $1.2 billion worth of collateralised debt obligations (CDOs).
Maurice Blackburn said it had more than 120 institutional and retail investors signed up for the class action, first announced in May.
The firm's principal, Andrew Watson, told AAP proceedings would be soon filed in the Federal Court.
Maurice Blackburn is alleging shareholders collectively lost $450 million from NAB in 2008 when the bank did not reveal its exposure to the CDOs which formed part of a $5.7 billion structured credit portfolio.
The law firm says NAB's exposure to the CDOs and its delay in writing down their value helped cause a sharp fall in the bank's share price during 2008.
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