Colonial First State Investments Limited (CFSIL) notes that an in principle settlement has been reached in relation to the Grandfathered Commissions Class Action brought by Slater & Gordon.
The matter relates to CFSIL’s payment of commissions to advisers, and the fees charged to members of the Colonial First State FirstChoice Superannuation Trust, in the period 1 July 2013 to 1 June 2020.
Following a confidential Court-ordered mediation on 16 June 2023, CFSIL and the Applicants have agreed to settle the class action. The settlement is subject to court approval.
In agreeing to resolve the litigation, CFSIL continues to deny the allegations and makes no admissions of liability or wrongdoing.
If the court approves the settlement, eligible group members will each recover a share of the agreed settlement sum of $100m, after accounting for any deductions which may be approved by the Court, such as legal fees charged by the Applicants’ lawyers and any commission approved by the Court to be paid to the funder of the class action.
CFSIL expects that a notification of the in principle settlement will be sent to eligible group members in August 2023.
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Avanteos Investments Limited ABN 20 096 259 979, AFSL 245531 (AIL) is the trustee of the Colonial First State FirstChoice Superannuation Trust ABN 26 458 298 557 and issuer of FirstChoice range of super and pension products. Colonial First State Investments Limited ABN 98 002 348 352, AFSL 232468 (CFSIL) is the responsible entity and issuer of products made available under FirstChoice Investments and FirstChoice Wholesale Investments.
Information on this webpage is provided by AIL and CFSIL. It may include general advice but does not consider your individual objectives, financial situation, needs or tax circumstances. You can find the target market determinations (TMD) for our financial products at https://www.cfs.com.au/tmd which include a description of who a financial product might suit. You should read the relevant Product Disclosure Statement (PDS) and Financial Services Guide (FSG) carefully, assess whether the information is appropriate for you, and consider talking to a financial adviser before making an investment decision. You can get the PDS and FSG at www.cfs.com.au or by calling us on 13 13 36.