Tens of thousands of Australians could benefit from a $29.95 million payout from Westpac following a class action settlement with law firm Slater Gordon.
The law firm filed a class action suit against the bank’s subsidiaries, BT Funds Management and Westpac Life Insurance Services, in September 2019 on behalf of customers that were allegedly shortchanged by the bank’s super funds.
The settlement is now subject to Federal Court approval. It was negotiated on behalf of customers who had invested their super in the BT Super cash option between 2007 and 2019. “One year, Westpac Life earned returns of around 2.5 per cent, but it delivered an interest rate of only 1.3 per cent to members,” he said.“Superannuation members trust their funds with their retirement savings and place their faith in them to protect their future. We are pleased this settlement means that group members will be getting millions of dollars of compensation.”
A Westpac spokesperson said it had settled a class action related to a former cash investment option of BT Super for Life, and noted that the settlement remained subject to the court’s approval.
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