Super boost as more than 500,000 Aussies eligible for a share in $249million settlement
Commonwealth Bank and two fund managers agreed to a $249 million class action settlement benefiting over 500,000 Australians.Summary
More than 500,000 Australians are eligible for a share of a $249 million class action settlement with Commonwealth Bank, Colonial First State Investments, and Avanteos Investments. The lawsuit, filed by Slater and Gordon and funded by Augusta Ventures Limited, alleged that between 2008 and 2021 the institutions prioritized profits over members' superannuation returns by paying low interest on cash and deposit investments. The settlement, which remains subject to Federal Court approval, involves no admission of liability. Lead applicants Wendy Gibson and Peter Currie expressed relief and hope that banks have learned to operate honestly. Lawyer Nathan Rapoport noted the settlement will boost retirement savings and serve as a reminder to trustees of their obligations following the Banking Royal Commission. Eligible members will receive payments automatically into their super accounts.
(Source：Mail Online)