The statements below are Slater and Gordon’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.
Settlement Update
On 13 November 2023, the settlement approval hearing took place and the Court considered the Proposed Settlement. On 7 December 2023, the Court approved the settlement as it considered it to be fair, reasonable and in the best interest of the group members. The distribution of settlement funds to eligible group members has commenced. Payments will continue to be processed throughout 2025.
Source: Slater and Gordon
About This Case
BT Super Class Action
[name withheld] v BT Funds Management Ltd and Westpac Life Insurance Services Ltd (VID 962 or 2019) Settlement Distribution On 13 November 2023, the settlement approval hearing took place and the Court considered the Proposed Settlement. On 7 December 2023, the Court approved the settlement as it considered it to be fair, reasonable and in the best interest of the group members.
The distribution of settlement funds to eligible group members has commenced. Payments will continue to be processed throughout 2025.
REGISTRATION CLOSED
Group members in the class action were required to submit a registration by 11.59pm AEDT on 21 December 2023 to ensure they are eligible to receive any potential compensation. This deadline was set by the Court therefore, we are unable to accept registrations after the deadline.
You should be aware of two things in particular:
Group Members were required to register by 11.59pm AEDT on 21 December 2023 to ensure they are eligible to receive an Entitlement under the Settlement.
On 7 December 2023, his Honour Justice Murphy of the Federal Court of Australia approved the settlement of the BT Super Class Action. His Honour made orders approving the distribution of the settlement funds in accordance with a Settlement Distribution Scheme.
Further information can be found below under the heading “
What do group members need to do?”
The settlement
On 4 September 2019, a class action was commenced by [name withheld] (the Applicant) in the Federal Court of Australia against BT Funds Management Limited ( BTFM) and Westpac Life Insurance Services Ltd ( WLIS) (together, the Respondents).
BTFM was the trustee of the BT Super for Life and BT Super superannuation products. The proceeding related to a particular cash-only investment option offered in those products called Super Cash or Cash ( Cash Option).
In the BT Super Class Action, the Applicant alleged that BTFM breached various legal duties owed to members who invested in the Cash Option by virtue of BTFM investing member’s funds via its former related entity, WLIS (now TAL Life Insurance Services Limited). It was alleged that BTFM’s contraventions caused loss to be suffered by the Applicant and group members, in that higher investment returns would have been earned if those contraventions had not occurred. The Applicant alleged that WLIS was knowingly involved in the contraventions by BTFM. The Applicant sought compensation for losses suffered by group members from BTFM and an account of profits from WLIS.
The Respondents denied the allegations made in the BT Super Class Action.
On 14 October 2022, following a mediation, the parties entered into a Heads of Agreement setting out the terms of the Proposed Settlement, which included that:
1. the Respondents would pay (without any admission of liability) the Settlement Sum of $29.95 million inclusive of interest and legal costs; 2. all claims against the Respondents made in the BT Super Class Action would be resolved and, to the extent permitted by law, the Applicant and group members would release the Respondents and Westpac Banking Corporation, and their related entities and officers, from all claims which they had, may have or may have had in the future against the Respondents relating to the matters which are the subject of the Proceeding; and 3. all group members would be bound by the terms of the Proposed Settlement.
On 7 December 2023, his Honour Justice Murphy of the Federal Court of Australia approved the settlement of the BT Super Class Action. His Honour made orders approving the distribution of the settlement funds in accordance with the Settlement Distribution Scheme.
This page provides important information about:
The Settlement in the BT Super Class Action; What group members needed to do if they wished to participate in the settlement; The settlement decision; Information about legal and funding costs of the BT Super Class Action.
Source: Slater and Gordon
How to Register
Group members in the class action were required to submit a registration by 11.59pm AEDT on 21 December 2023 to ensure they are eligible to receive any potential compensation. This deadline was set by the Court therefore, we are unable to accept registrations after the deadline.
Source: Slater and Gordon
Frequently Asked Questions
What is a class action?
A class action is a type of court proceeding in which one person, the Applicant, brings a claim on behalf of a group of people, referred to as group members, who have been affected by the same conduct. All people who meet the definition of 'group member' in the statement of claim in a class action are group members in the proceeding, unless they took steps to opt out of the proceeding. The deadline for opting out of the BT Super Class Action was 1 December 2021. More information about group membership of the BT Super Class Action can be found below under the heading "What is the BT Super Class Action?"
Source: Slater and Gordon
Disclaimer: This information is sourced from Slater and Gordon. 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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