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.
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