CFSIL agrees to settle class action for $140 million
Colonial First State Super Investment Limits has agreed to settle a legacy class action for $140 million, according to law firm, Shine Justice Limited.
Shine announced to the Australian Securities Exchange (ASX) that the parties to the class action against CFS Investments, Colonial Mutual Life Assurance Society Pty Ltd and AIA Australia Limited had agreed to the in-principle settlement.
The announcement said the settlement is without admission of liability and is subject to the approval of the Federal Court of Australia.
On 22 January 2020, Shine Lawyers commenced a class action against Colonial First State Investments Limited (CFSIL) and Colonial Mutual Life Assurance Society Limited (CommInsure) to obtain compensation for persons who may have been overcharged for their life insurance policies (for death, total and permanent disability, and income protection cover) which they held inside their CFSIL superannuation fund.
On 22 October 2021, AIA Australia Limited (AIAA) was joined as an additional Respondent to the proceedings. This occurred because AIAA acquired ownership of CommInsure’s life insurance business on 1 April 2021.
The ambulance chasers have made their Christmas bonuses! Must be nice to do work and take a 30-40% commission and pretend to be the good guy.
Remember the Great Southern class action against Bendigo Bank for the unpaid loans? The lawyers/ligitation funder took the whole payout if I remember correctly. I had a couple of clients involved. They got nothing, and had to pay huge amounts of penalty interest because the class action lawyers recommended they don’t pay their bills (their debts doubled during that period).The accountant who recommended the stuff fled overseas and the lawyers refused to return phone calls after they ran away with their fees. The only one giving good advice and supporting these clients was me, the financial planner. Yet I’m drowning in red-tape while the lawyers and accountants get off Scott-free. Disgusting.