The sections below quote Slater and Gordon. They reflect allegations or the firm’s position and have not been determined by a court unless a settlement or judgment is noted. Where sources cover the same point, the most recently updated page is shown first and the others are folded underneath.
Settlement Update
From 22 June 2026, a Notice of Estimated Distribution was sent to eligible registered Group Members notifying the amount they are entitled to receive from the settlement sum. Distribution amounts were calculated in accordance with the Court approved Settlement Distribution Scheme. The Federal Court made orders approving the settlement of $50 million, on 20 March 2026. Group Members were required to register on the Deloitte Group Member Portal to be eligible to share in the Proposed Settlement. The deadlines to register and opt out have now passed. The deadlines were set by the Court, therefore, we are unable to accept any late registrations. Group Member should read the Notice of Proposed Settlement or the Combined Notice carefully as they contain important information about the proposed settlement, the registration process, and legal rights.
Source: Slater and Gordon
About This Case
There are two key claims in this Class Action.
The class action alleges that the trustee breached its duties in relation to the investment of funds that members deposited in cash investment options. The trustee deposited these funds with its parent bank, ANZ, rather than shopping around for better interest rates, resulting in inadequate returns for members (Cash Claim).
The class action also alleges that the trustee of these super funds breached its duties to members by charging excessive fees in order to pay unnecessary commissions to financial advisers, resulting in high fees for no additional benefit to members (Commissions Claim).
Source: Slater and Gordon
Who May Be Eligible
Cash Claim You are a Group Member of the Cash Claim if you were a member of one of the following products at any time between 1 September 2011 and 31 January 2020, and had funds invested in the Cash Advantage, ANZ Term Deposits, or ANZ SmartChoice Cash investment options: ANZ OneAnswer Personal Super or Pension OnePath OneAnswer Personal Super or Pension OneAnswer Frontier Personal Super or Pension ANZ Smart Choice Super, Pension and MySuper ANZ Smart Choice Employer Super OR You received payment of all or part of the benefits of a deceased member who satisfied the above definitions, or you were the spouse of a member who satisfied the above definitions and received a transfer pursuant to a family law settlement or proceeding. Commission Claim You are a Group Member of the Commission Claim if you became a member of the Master Fund prior to 30 June 2013, and remained a member on or after 1 July 2013 to 13 April 2019, and were a member of one of the following products: ANZ OneAnswer Personal Super or Pension; OnePath OneAnswer Personal Super or Pension; ANZ Super Advantage; Integra Super or Pension; OptiMix Super or Pension. AND You were charged one or more contribution fees or ongoing fees (which were referable to contribution commissions or trail commissions). OR You received payment of all or part of the benefits of a deceased member who satisfied the above definitions, or you were the spouse of a member who satisfied the above definitions and received a transfer pursuant to a family law settlement or proceeding.
Source: Slater and Gordon
How to Register
Group Members were required to register on the Deloitte Group Member Portal to be eligible to share in the Proposed Settlement. The deadlines to register and opt out have now passed.
Source: Slater and Gordon
Frequently Asked Questions
Is there a deadline to opt out of this class action?
Yes. If you wished to opt out, you were required to do so before 4:00pm AEST on 24 June 2024.
Is there a deadline to register?
The deadline to register to share in the proposed settlement, was Monday 11:59PM AEDT, 3 February 2025. This deadline was set by the Court, therefore, we are unable to accept any registrations after the deadline.
What is a class action?
A class action is a type of legal proceeding in which one person, the Applicant, brings a claim on behalf of a wider group of people who have been affected by the same conduct. By grouping claims together and pursuing them collectively, the overall value of the claim makes it economically worthwhile to do so, even if the value of individual claims are modest.
Will I have to pay anything? What will the class action cost me?
No. You will not be exposed to any out-of-pocket costs as a result of your participation or registration in the claim. The Applicants will seek that the legal costs relating to running the class action and administering the proposed settlement are deducted from the settlement sum. All deductions from the settlement sum are subject to the Court's review and approval.
Source: Slater and Gordon
Disclaimer: This information is sourced from Slater and Gordon and comcourts.gov.au. It is provided for general information only and does not constitute legal advice. Always verify details with the original sources before taking any action.
Legal disclaimer: Information on this page is general in nature and does not constitute legal advice. ClaimBar tracks class action settlements and provides updates. Always seek professional legal advice for your specific circumstances.
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