CBA Colonial First State 249 Million Super Settlement Explained
Commonwealth Bank, Colonial First State, and Avanteos reached a $249 million settlement in a superannuation class action alleging lower returns on cash investments.Summary
Commonwealth Bank of Australia (CBA), Colonial First State Investments, and Avanteos Investments have reached a $249 million in-principle settlement agreement in a major superannuation class action. The case alleged that certain cash and deposit investment options offered through Colonial First State products paid lower interest rates than comparable market alternatives between November 2008 and September 2021. The settlement, if approved by the Federal Court, could benefit more than 500,000 Australians who were members of the affected products. The companies have denied the allegations and have not admitted any wrongdoing. Payments will occur after court approval, final calculations, and the establishment of a distribution process, with funds expected to be returned into members' superannuation accounts.
(Source：Procapitas)