Thousands of Aussies to share in $249 million settlement after superannuation class action
Hundreds of thousands of Australians will share $249 million after a class action alleged super funds invested members' savings with parent bank CBA for undisclosed payments.Summary
Hundreds of thousands of Australians will share in a $249 million class action settlement against superannuation funds Colonial First State Investments Limited and Avanteos Investments Limited. The class action alleged that these funds, subsidiaries of Commbank, invested members' retirement savings with their parent bank without seeking the best interest rates, instead receiving undisclosed payments that incentivized this conduct. The alleged misconduct occurred between November 2008 and September 2021. Slater and Gordon Lawyers, representing the affected members, stated that the cash and deposit investments did not provide members with the returns they were reasonably entitled to expect, resulting in millions in lost retirement savings. The settlement, reached without admission of liability, is subject to approval by the Federal Court of Australia. If approved, funds will be distributed according to a court-approved scheme that will include eligibility details and payment calculations for group members.
(Source：PerthNow)