Westpac compensation claim: Tens of thousands of Australians could share in $30million pay-out
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Tens of thousands of Australians could share in a $30 million compensation payment after a successful class action lawsuit against Westpac over superfunds
- Westpac Order to Pay $29.95 Million in Compensation Following a Class Action Lawsuit
- Bank subsidiaries BT Super and Westpac Life switched super between funds
- The practice was alleged to have allowed them to earn fees for no services.
- BT and Westpac Life denied any responsibility for reaching the agreement
Thousands of Westpac customers stand to share in $30 million worth of compensation following a successful class action lawsuit over retirement fees.
Tens of thousands of Australians could have a share in $29.95 million in compensation from the bank following a class action settlement.
The action alleged that Westpac’s subsidiaries, BT Super and Westpac Life, shifted customer pensions between the funds to earn fees for no service.
Law firm Slater and Gordon said BT prioritized Westpac Life’s profits over its duty to seek the best available returns on its members’ retirement savings, resulting in lower returns for members.
Tens of thousands of Australians could share $29.95 million in Westpac compensation following class action settlement
“Retirement members entrust their funds with their retirement savings and place their faith in them to protect their future,” said Nathan Rapoport, special counsel for Slater & Gordon.
The settlement was reached on a ‘no admissions’ basis and BT and Westpac Life deny any liability.
Westpac sold BT Super to Mercer in May.
Westpac has been contacted for comment.