Jan 23 (Reuters) - Commonwealth Bank of Australia CBA.AX :
* CBA ACKNOWLEDGES CLASS ACTION PROCEEDINGS FILED BY SHINE LAWYERS AGAINST COLONIAL FIRST
* CBA AND CFSIL ARE REVIEWING CLAIM
* PROCEEDINGS ALSO BROUGHT AGAINST COLONIAL MUTUAL LIFE ASSURANCE SOCIETY, KEY LIFE INSURANCE ENTITY OF COMMINSURE LIFE
* CLASS ACTION ALLEGES CFSIL DID NOT ACT IN BEST INTERESTS OF MEMBERS WHEN TAKING OUT GROUP INSURANCE POLICIES OBTAINED FROM CMLA