Australia $249 million class action settlement for superannuation members

class action settlement superannuation Commonwealth Bank Colonial First State retirement savings

Hundreds of thousands of Australians are set to receive a share of a $249 million class action settlement involving superannuation fund members. The legal action alleged that Colonial First State Investments Limited (CFSIL) and Avanteos Investments Limited (AIL) failed to act in the best interests of their members regarding certain wrap products.

Lawyers representing the group, Slater and Gordon, alleged that the funds invested members' retirement savings with their parent company, Commonwealth Bank (CBA), without seeking superior interest rates. It was further alleged that the funds received undisclosed payments from CBA, which incentivized these investment choices. The conduct in question reportedly took place between November 2008 and September 2021.

The settlement was reached without an admission of liability by the involved parties. The case follows investigations into the financial services industry initiated after the 2018 Banking Royal Commission.

Entities

Avanteos Investments Limited · Colonial First State Investments Limited · Commonwealth Bank · Slater and Gordon Lawyers · Wendy Gibson

Claims

What the coverage asserts, and how many sources carry each claim.

[● 3 SOURCES] A $249 million class action settlement has been reached for hundreds of thousands of Australians. www.perthnow.com.au · thenightly.com.au · thewest.com.au
[● 3 SOURCES] The funds allegedly received undisclosed payments from Commonwealth Bank (Commbank) to incentivize specific investment choices. www.perthnow.com.au · thenightly.com.au · thewest.com.au
[● 3 SOURCES] Colonial First State Investments Limited (CFSIL) and Avanteos Investments Limited (AIL) were alleged to have not acted in the best interest of fund members. www.perthnow.com.au · thenightly.com.au · thewest.com.au
[● 3 SOURCES] The settlement was reached without an admission of liability. www.perthnow.com.au · thenightly.com.au · thewest.com.au
[● 3 SOURCES] Slater and Gordon Lawyers alleged that retirement savings were invested with the parent bank without seeking the best available interest rates. www.perthnow.com.au · thenightly.com.au · thewest.com.au
[● 3 SOURCES] The alleged conduct occurred between November 2008 and September 2021. www.perthnow.com.au · thenightly.com.au · thewest.com.au

Sources

退休金低息集體訴訟達成和解 50萬澳人或受益 | 大紀元 [www.epochtimes.com]

12 days ago

Thousands of Aussies to share in $249 million class action settlement [www.perthnow.com.au]

12 days ago

Thousands of Aussies to share in $249 million class action settlement [thenightly.com.au]

12 days ago

Thousands of Aussies to share in $249 million class action settlement [thewest.com.au]

12 days ago