Hundreds of thousands to receive $249 million after superannuation settlement
Hundreds of thousands of Australians will share a $249 million settlement. Colonial First State and Avanteos funds are owned by Commbank. They allegedly invested retirement savings at poor rates between 2008 and 2021.
Why it mattersThis settlement pays back Australians whose retirement savings were invested poorly by their own funds. It holds major banks accountable for conflicts of interest in managing superannuation.
AustraliaHundreds of thousands of Australians will receive payouts to boost retirement savings. It signals courts and class-action lawyers will enforce duties on super trustees and fund managers to act in members' interests, a key issue since the 2018 Banking Royal Commission.
Corroborated bythenightly.com.au·7news.com.au
✓ Claims checked against the source. checked 2 h ago
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