Slater and Gordon secures third settlement in Get Your Super Back campaign

Thousands more Australians will be entitled to get their super back after Slater and Gordon secured a $50 million settlement on behalf of ANZ and OnePath superannuation customers.

The no fault settlement, the third settlement of Slater and Gordon’s Get Your Super Back campaign, has been reached with ANZ and its former subsidiaries, OnePath Custodians Pty Ltd (OPC) and OnePath Life Limited (OPL) (now Zurich Australia Limited).

Subject to court approval, the settlement entitles thousands of members with OnePath or ANZ superannuation or pension accounts to compensation, which will be paid to group members who register with the firm.

Slater and Gordon launched its Get Your Super Back campaign on behalf of millions of Australians in response to the 2018 Banking Royal Commission.

This class action alleged that OPC breached its duties as trustee by investing members’ superannuation funds in cash investment options with its parent company ANZ, at rates for members that were lower than those offered to other depositors with no ties to ANZ.

It also alleged that OPC allowed members to be charged excessive fees to pay commissions to financial advisers that resulted in no additional benefit to members.

Slater and Gordon Practice Group Leader Kirsten Morrison said the firm was pleased that thousands of Australians would now be eligible for compensation.

“It also demonstrates the importance of the class action regime, which has enabled two lead applicants to represent thousands of other group members who otherwise may not have known about these issues,” Ms Morrison said

Ms Morrison said group members needed to register to receive compensation as part of the settlement.

“People who are eligible group members will be contacted shortly with more information about the settlement and the steps required to register to participate,” she said.

“This settlement further strengthens the momentum of the Get Your Super Back

Campaign and reflects Slater and Gordon’s commitment to protecting the interests of millions of superannuation members across Australia.”

The settlement was reached on a ‘no admissions’ basis and ANZ, OPC and OPL have denied any liability.

Group members can also keep up to date on the latest information: https://www.slatergordon.com.au/class-actions/current-class-actions/anz-and-onepath-super-class-action