Colonial First State - Interest Rates Class Action

In Progress

Colonial First State Interest Rates Class Action Settlement

What Happened

Commonwealth Bank and Colonial First State are facing allegations that they breached their duty to superannuation fund members by investing retirement savings in cash options that didn't offer competitive interest rates. The class action claims that Colonial First State prioritized profits over members' best interests by investing with its parent bank even when better rates were available elsewhere.

Who May Be Eligible

You may be eligible if you were a member of these Colonial First State superannuation funds during the specified periods:

FirstChoice Fund members who invested in: - FirstRate Saver, FirstRate Wholesale Saver, FirstRate Saver Select, or FirstRate Wholesale TTR Saver between 17 November 2008 and 2 September 2021 - FirstRate Term Deposits or FirstRate Wholesale Term Deposits between 13 July 2009 and 31 August 2021

Commonwealth Essential Super members who invested in: - Cash Deposit option between 17 May 2013 and 2 September 2021 - Balanced option between 17 May 2013 and 5 April 2021 - Any Lifestage options between 17 May 2013 and 11 November 2018

Avanteos Superannuation Trust members: - Anyone who was a member between 8 June 2009 and 26 August 2021

Also included: - Beneficiaries and spouses who received payments from these funds before 8 April 2022

How Much Could You Receive

The settlement amount has not been publicly disclosed at this time. Compensation amounts will likely depend on factors such as how much you invested in the affected options and for how long.

How to Claim

The claim process has not yet been finalized. When available, the typical steps will be:

  1. Check your eligibility against the criteria listed above
  2. Gather documentation of your superannuation investments during the relevant periods
  3. Complete the official claim form when it becomes available
  4. Submit your claim before the deadline
  5. Await processing and distribution of any settlement funds

Important Dates

Settlement deadlines have not yet been announced. Check the official sources regularly for updates on important dates.

Legal Disclaimer: Information on this page is general in nature and does not constitute legal advice. ClaimBar tracks class action settlements and provides updates. Always seek professional legal advice for your specific circumstances.

Settlement Details

CourtFederal Court of Australia
StatusIn Progress
CategoryFinancial Product
EligibilityMembers of Colonial First State superannuation funds (FirstChoice, Commonwealth Essential Super, and Avanteos Superannuation Trust) who invested in specified cash investment options during various periods between 2008-2021, plus beneficiaries and spouses who received payments from these funds prior to 8 April 2022

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