POWERED BY MOMENTUM MEDIA
Westpac super class action results in $29.9m settlement
Westpac has reached a $29.9 million settlement in a class action brought against its subsidiaries BT Funds Management and Westpac Life Insurance Services.
This was negotiated by Slater and Gordon, the third in its Get Your Super Back campaign, on behalf of customers who had invested their superannuation in the BT Super cash option between 2007 and 2019.
It alleged that members who invested in the BT Super for Life cash-only option received lower returns because BT invested their funds through Westpac Life allowing Westpac Life to earn fees without providing a valuable service.
Slater and Gordon special counsel, Nathan Rapoport, said: “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.”
The settlement was reached on a ‘no admissions’ basis and BT and Westpac Life both denied any liability.
AUTHOR
Laura Dew
Laura Dew is editor at Super Review. Prior to joining SR, she spent five years working at Investment Week in the UK covering asset and wealth management.
Recommended for you
The lower outlook for inflation has set the stage for another two rate cuts over the first half of 2026, according to Westpac.
With private asset valuations emerging as a key concern for both regulators and the broader market, Apollo Global Management has called on the corporate regulator to issue clear principles on valuation practices, including guidance on the disclosures it expects from market participants.
Institutional asset owners are largely rethinking their exposure to the US, with private markets increasingly being viewed as a strategic investment allocation, new research has shown.
Australia’s corporate regulator has been told it must quickly modernise its oversight of private markets, after being caught off guard by the complexity, size, and opacity of the asset class now dominating institutional portfolios.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
53.24 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
43.15 3 y p.a(%)
4
DomaCom Shoreline North Coogee
36.26 3 y p.a(%)
5
GAM LSA Private Shares AU I
35.87 3 y p.a(%)
