The statements below are Shine Lawyers’s account of this case. They reflect allegations or the firm’s position and have not been determined by a court unless a settlement or judgment is noted.
Latest update
Following pleadings and early discovery of material, the parties have agreed to seek the discontinuance of the Asgard & BT Funds Class Action. As the proposed discontinuance is still subject to court approval, we cannot comment further on the decision to seek the discontinuance. This decision to seek discontinuance is not taken lightly but instead in a timely and responsible manner and in a way which is intended not to cause harm to group members. No applicant or group member will be prejudiced by the discontinuance as proposed, and applicants and group members would be effectively placed in the same position as they were prior to the commencement of this proceeding. The orders sought include a 60-day grace period before limitation begins to run again therefore any individual who wishes to investigate their own potential claim would have a clear time period in which to obtain legal advice.
Source: Shine Lawyers
About This Case
The Asgard & BT Funds Class Action relates to alleged breaches of trustee duties under superannuation legislation and the general law by BT Funds Management Ltd ( BT Funds) in its capacity as trustee for the Retirement Wrap, BT Super For Life, BT Super and Asgard Independence Plan Division Two (the First Respondent) and Westpac Securities Administration Limited (the Third Respondent) in relation to group insurance offered to superannuation fund members following a tender process. TAL Life Insurance Services Limited (the Second Respondent) was alleged to have been knowingly involved in those alleged breaches of trustee duties.
On behalf of three lead applicants, Shine filed this proceeding in October 2023.
Source: Shine Lawyers
Frequently Asked Questions
What is a class action?
When Governments, large companies or institutions do the wrong thing and people are harmed or suffer loss as a result, an individual can have little to no means of bringing a legal claim. Class actions are an important mechanism within Australia’s legal system that allow large groups of people to come together to pursue a claim collectively. For a class action to take place, there are three criteria that need to be met: t here must be 7 or more people that have claims against the same defendant; and t he claims relate to the same or similar circumstances; and t he claim must relate to at least one common issue of law or fact. For more information about how class actions resolve, click here .
How long do class actions take to resolve?
It can take up to several years for a class action to resolve. The time taken from case commencement through to resolution and settlement administration depends on the particular case, and the nature of the claim. For more information about class actions and how they work, click here .
Does it cost anything to join a class action?
Shine Lawyers is committed to ensuring that everyone, regardless of their background or financial situation, has access to justice. We run our class actions in a way that means you are not exposed to any out-of-pocket costs or financial risk. When a class action is successful, the legal fees and costs to run the class action are deducted from the settlement amount that is approved by the Court. If the class action is unsuccessful, we will ensure there are no out-of-pocket costs to you.
Will my contact details be kept private?
Yes, your contact details will remain confidential. Shine Lawyers will only use your personal information strictly for the purpose of any legal proceedings and in accordance with our Privacy Policy.
Source: Shine Lawyers
Disclaimer: This information is sourced from Shine Lawyers. It is provided for general information only and does not constitute legal advice. Always verify details with the original source 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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