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
AMP’s strong 2024–25 returns were anything but a fluke – they were the product of a carefully recalibrated investment strategy that began several years ago, when the fund first became truly cognisant of its shortcomings.
ASIC is “considering what options” it has to hold super trustees to account for including the failed schemes on their platforms, according to its deputy chair.
Vanguard Super has reported strong returns across most of its investment options, attributed to a “low-cost, index-based approach”.
The fund has achieved double-digit returns amid market volatility, reinforcing the value of long-term investment strategies for its members.
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(%)
