The Westpac Group and law Firm Slater and Gordon have reached a nearly $30 million dollar settlement after a class action against BT Funds Management and Westpac Life Insurance Services.
The firm said tens of thousands of people had signed up to the class action and the settlement was subject to court approval.
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It was filed in 2019, on behalf of people who invested money into the BT Super For Life cash-only option from 2007, unless they opted out of the class action.
Slater and Gordon alleged that those investors received lower returns when BT invested their funds through Westpac Life Insurance Services, allowing Westpac Life to earn fees without providing a valuable service.
Special Counsel Nathan Rapoport said in a statement members involved in the class action could get millions in settlement.
“The case alleged BT prioritised Westpac Life’s profits over its duty to seek the best returns available for its members’ retirement savings, leading to lower returns for members”.
“Superannuation members trust their funds with their retirement savings and place their faith in them to protect their future,” he said.
The law firm said settlement was reached on a ‘no admissions’ basis and BT and Westpac Life both deny any liability.
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