Tweed capitulates over bank share scam

Controversial share buyer David Tweed abandoned his bid to sue Commonwealth Bank for up to $80 million, and agreed to pay $400,000 to the bank and share registry group ASX Perpetual Registrars. Tweed had tried to sue Commonwealth and its share registry, claiming they thwarted his plan to send below-market offers to the bank's shareholders by delivering him an electronic version of the share register that could not be copied or searched. Tweed had claimed he could have made between $2 million and $80 million from investors that could be lured to sell the shares for less than their market value.