Source : Perth Now news
Hundreds of thousands of Australians will get a slice of a $249m settlement following a class action suit against Commonwealth Bank and two fund managers.
Slater and Gordon brought the class action against CommBank, Colonial First State Investments and Avanteos Investments over the bank and funds’ dealings between 2008 and 2021.
Slater and Gordon said on Monday the case had been settled for $249m, subject to court approval.
The case alleged that group members’ retirement savings were reduced through the payment of low interest rates on certain cash and deposit investments.
CommBank offered the investments through Colonial First State superannuation and wrap products, CFS FirstChoice and FirstWrap and Commonwealth Essential Super, between November 2008 and September 2021.
Lead applicant in the class action, Wendy Gibson, said she had had superannuation and term deposits with Colonial since 2005.
“I was dumbfounded when I first learnt of Colonial’s alleged conduct. We must be prepared to stand up for what’s right against these big conglomerates,” she said in a statement.
“I’m glad that we persevered with this case and I’m relieved that it will finally conclude.”
More to come
