ANZ and OnePath Super Class Action: Important Settlement Information
If you were a member of specific superannuation funds between 2011 and 2020, you may be eligible for a share of a $50 million settlement in the ongoing ANZ and OnePath Super Class Action. The settlement, which is still subject to Court approval, addresses allegations against ANZ, OnePath Custodians, and OnePath Life for breaching their duties in relation to investment practices and excessive fees charged to superannuation members.
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Key Details of the Class Action Settlement
After extensive legal proceedings, the Applicants and the Respondents have reached an in-principle agreement for a settlement of $50 million. The settlement covers two primary claims:
- Cash Claim: The trustee of the super funds allegedly invested members’ funds in cash investment options with ANZ rather than exploring more competitive interest rates. This led to inadequate returns for members.
- Commissions Claim: The trustee is accused of charging excessive fees to fund unnecessary commissions to financial advisers, providing no extra benefit to the members. These fees resulted in higher costs for members with no added value.
The proposed settlement must be approved by the Court, and from 15 November 2024, a Notice of Proposed Settlement will be sent to Group Members via email or post. This notice will contain instructions on how to participate in the settlement and the steps to take to be eligible for compensation.
How to Register and Participate
To receive a share of the $50 million settlement, Group Members must register by 3 February 2025 through the Group Member Online Portal. If you are a Group Member, you should have received or will soon receive the Notice of Proposed Settlement, which outlines how to complete the registration.
Group Members who fail to register by the deadline will not be eligible for any settlement benefits.
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Who is Eligible to Join the Class Action?
You may qualify as a Group Member if you were a member of any of the following superannuation funds or products between 1 September 2011 and 31 January 2020 and had funds invested in specific cash investment options:
- ANZ OneAnswer Personal Super or Pension
- OnePath OneAnswer Personal Super or Pension
- OneAnswer Frontier Personal Super or Pension
- ANZ Smart Choice Super, Pension, and MySuper
- ANZ Smart Choice Employer Super
You are also eligible if you received payment of benefits on behalf of a deceased member who meets the above criteria or were the spouse of a member who transferred assets through a family law settlement.
For the Commissions Claim, you must have been a member of certain superannuation products between 1 July 2013 and 13 April 2019, and were charged contribution fees or ongoing fees that were related to commissions.
What Happens Next?
After the proposed settlement is approved by the Court, you will be eligible to receive compensation. However, if you do not want to be bound by the settlement, you had the option to opt-out by 24 June 2024. Those who did not opt-out are automatically included and will be part of the settlement outcome.
For more information about how the settlement process works, and the steps you need to take, please read the Notice of Proposed Settlement carefully.
Frequently Asked Questions
What is a class action?
A class action is a legal case where a group of people who have suffered similar harm (in this case, financial harm from mismanaged super funds) collectively take legal action against the responsible parties.
What do I need to do to participate?
To participate, you must register on the Group Member Online Portal by 3 February 2025. If you fail to register, you will not be eligible to receive compensation from the settlement.
Do I have to pay anything to participate?
No, you do not need to pay anything to participate in the class action. The costs of the action are covered as part of the settlement, and legal fees will be deducted from the settlement amount.
What will I receive?
If the settlement is approved, the amount you will receive depends on the specifics of your case, including how much you were impacted by the breaches of duty.
Get Involved
To ensure you don’t miss out on the settlement, make sure to register through the Group Member Online Portal before the deadline of 3 February 2025. For more information, visit the portal or contact the dedicated hotline operated by Deloitte Monday to Friday, from 9 am to 5 pm AEST.
This $50 million settlement provides a significant opportunity for super fund members who were impacted by these issues to receive compensation. Be sure to act quickly and take the necessary steps to participate in the settlement.
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