Thousands of Aussies to share in $249 million settlement after superannuation class action
Hundreds of thousands of Australians will share a $249 million settlement over alleged poor superannuation returns from Commonwealth Bank products.Summary
A $249 million class action settlement has been reached for hundreds of thousands of Australians whose superannuation savings were allegedly eroded by Colonial First State Investments Limited (CFSIL) and Avanteos Investments Limited (AIL). The lawsuit alleged that these funds, owned by Commonwealth Bank (CBA), invested members' retirement savings in CBA cash and deposit products without seeking the best available interest rates, and received undisclosed payments from CBA that incentivized this conduct. The alleged misconduct spanned from November 2008 to September 2021. Lead applicants, including Wendy Gibson, expressed relief at the outcome. Slater and Gordon Lawyers noted the settlement reflects the seriousness of the allegations and the long period of wrongdoing. The settlement is subject to Federal Court approval, after which funds will be distributed via a court-approved scheme.
(Source：Google News)