CFS settles FirstChoice/MySuper class action

Colonial First State has told financial advisers it has settled a class action brought against it by law firm Maurice Blackburn concerning allegations about the timing of the transfer of the accrued default super amounts of some members of FirstChoice Employer Super in 2016 and 2017 to a MySuper investment option.

In doing so, CFS said it continued to deny the allegations and had made no admissions of liability or wrongdoing.

“This class action has been settled and payments will begin to be made to your affected clients this month,” the CFS message said.

It said that clients impacted by the class action would be paid their individual settlement amount directly to their super or pension account.

“This amount is inclusive of interest and net of any applicable tax,” it said.