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2 clusters · 6 sources · 6 days · First seen 18 days ago · Last updated 12 days ago

Commonwealth Bank superannuation class action settlement

Overview

Commonwealth Bank of Australia (CBA), Colonial First State Investments, and Avanteos Investments have reached an in-principle agreement to settle a class action lawsuit valued at $249 million. The legal action, initiated by Slater and Gordon, concerned certain cash and deposit options offered through superannuation and wrap products between November 2008 and September 2021.

The plaintiffs alleged that the funds failed to act in the best interests of members by investing retirement savings with CBA without seeking superior interest rates, and that undisclosed payments from CBA incentivized these choices. While the settlement has been proposed, the involved parties deny all allegations and have made no admission of liability or wrongdoing.

The settlement is subject to final approval by the Federal Court of Australia. CBA noted that the $249 million amount is already covered by a previously recognized provision and will not impact current earnings.

Entities

Wendy Gibson · Federal Court of Australia · Slater and Gordon · Colonial First State Investments Limited · Avanteos Investments Limited

Claims

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

[● 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] 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 settlement was reached without an admission of liability. 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 alleged conduct occurred between November 2008 and September 2021. 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

Timeline

12 days ago

[BUSINESS] 4 sources
Australia $249 million class action settlement for superannuation members
Hundreds of thousands of Australians will share in a $249 million settlement following allegations that superannuation funds failed to act in members' best interests regarding investments with Commonwealth Bank
18 days ago

[BUSINESS] 2 sources
Commonwealth Bank of Australia settles class action for $249 million
Commonwealth Bank of Australia has agreed to a $249 million in-principle settlement to resolve a class action lawsuit regarding superannuation products, without admitting liability.

Sources

epochtimes.com · fool.com.au · perthnow.com.au · raskmedia.com.au · thenightly.com.au · thewest.com.au