POWERED BY MOMENTUM MEDIA
Super funds urged to litigate
|
Australian superannuation funds could be costing themselves many millions of dollars by not participating in US securities class actions, according to London-based class action specialist company GOAL Group.
The group claims that a recent study has revealed that between 2007 and 2009 some $3.5 billion was “left on the table” with respect to the class actions and that $1.8 billion of this amount is attributable to Australian corporate and industry funds and $1.7 billion to Australian public sector funds.
The report claimed that over $110 billion had been lost by Australian superannuation funds on their investments in the period and that this should act as a wake-up call to those currently foregoing their right to claim damages through the US.
The London-based group claimed there existed a substantial opportunity for superannuation funds to continue to reduce the pensions gap through class actions.
AUTHOR
Mike Taylor
Recommended for you
Large superannuation accounts may need to find funds outside their accounts or take the extreme step of selling non-liquid assets under the proposed $3 million super tax legislation, according to new analysis from ANU.
Economists have been left scrambling to recalibrate after the Reserve Bank wrong-footed markets on Tuesday, holding the cash rate steady despite widespread expectations of a cut.
A new Roy Morgan report has found retail super funds had the largest increase in customer satisfaction in the last year, but its record-high rating still lags other super categories.
In a sharp rebuke to market expectations, the Reserve Bank held the cash rate steady at 3.85 per cent on Tuesday, defying near-unanimous forecasts of a cut and signalling a more cautious approach to further easing.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom 465 Calder Road Calder
99.46 3 y p.a(%)
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
78.55 3 y p.a(%)
4
BetaShares Crypto Innovators ETF
50.39 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
47.50 3 y p.a(%)
