Commonwealth Bank, Colonial First State and Avanteos settle $249m class action
Commonwealth Bank, Colonial First State and Avanteos have settled a $249m class action over alleged low interest rates on superannuation investments.Summary
Commonwealth Bank, Colonial First State Investments, and Avanteos Investments have agreed to a $249 million settlement following a class action brought by Slater and Gordon. The lawsuit alleged that the retirement savings of group members were reduced due to the payment of low interest rates on cash and deposit investments offered by Commonwealth Bank through Colonial First State products between 2008 and 2021. Slater and Gordon estimates that more than 500,000 Australians could be eligible for a share of the settlement, which is subject to Federal Court approval and would be paid automatically into their super accounts. The settlement, bankrolled by UK-based litigation funder Augusta Ventures, resolves allegations that the companies prioritized profits over the guardianship of superannuation accounts. Commonwealth Bank, Colonial First State, and Avanteos continue to deny the allegations and make no admission of liability.
(Source：PerthNow)