The statements below are Maurice Blackburn’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
Please note that Maurice Blackburn is not responsible for distributing Settlement Payments and so is unable to answer specific enquiries about whether you are entitled to receive a Settlement Payment, the timing and amount of your Settlement Payment, or the manner of payment. For those enquiries, please contact the MLC Super Fund directly by phone on 132 652 or through the MLC Super Fund website . The parties to the MLC MySuper Class Action have agreed to settle the proceeding for $64.25 million including legal costs. The Defendants have made no admission of liability in agreeing to the settlement. On 12 May 2025, the Court handed down judgment approving the settlement and made orders that the settlement to be distributed according to the terms set out in the Settlement Distribution Scheme. The appeal period for that judgment has now expired, and it is final. The settlement will be distributed by the Trustee for the MLC Super Fund, NULIS Nominees (Australia) Limited ( NULIS ). We expect that Settlement Payments will begin to be distributed to Group Members in the second half of 2025 and continue into 2026. Further information regarding the settlement, including how Settlement Payments for eligible Group Members are to be calculated, is set out in the Settlement Distribution Scheme. The Settlement Distribution Scheme is available on this website in the Key Documents section below. Please also refer to the Frequently Asked Questions section below.
Source: Maurice Blackburn
About This Case
Case Update – Settlement Approved (July 2025):
Please note that Maurice Blackburn is not responsible for distributing Settlement Payments and so is unable to answer specific enquiries about whether you are entitled to receive a Settlement Payment, the timing and amount of your Settlement Payment, or the manner of payment.
For those enquiries, please contact the MLC Super Fund directly by phone on 132 652 or through the MLC Super Fund website.
The parties to the MLC MySuper Class Action have agreed to settle the proceeding for $64.25 million including legal costs. The Defendants have made no admission of liability in agreeing to the settlement.
On 12 May 2025, the Court handed down judgment approving the settlement and made orders that the settlement to be distributed according to the terms set out in the Settlement Distribution Scheme. The appeal period for that judgment has now expired, and it is final.
The settlement will be distributed by the Trustee for the MLC Super Fund, NULIS Nominees (Australia) Limited ( NULIS). We expect that Settlement Payments will begin to be distributed to Group Members in the second half of 2025 and continue into 2026.
Further information regarding the settlement, including how Settlement Payments for eligible Group Members are to be calculated, is set out in the Settlement Distribution Scheme. The Settlement Distribution Scheme is available on this website in the Key Documents section below.
Source: Maurice Blackburn
How to Register
If you are a Group Member and you have not opted out of the proceeding, there is nothing you need to do to participate in the settlement. It is not necessary for Group Members to register to receive a settlement payment under the settlement. Further information regarding how eligible Group Members will be contacted in relation to settlement payments is set out below.
Source: Maurice Blackburn
Frequently Asked Questions
Am I a group member in the class action?
You are a group member in the MLC MySuper class action if: your superannuation was invested in the MLC MasterKey Business Super or the MLC MasterKey Personal Super product (MasterKey) and you held an accrued default amount in MasterKey that was transferred by NULIS to a MySuper product in the MLC Super Fund on or about 3 December 2016 or 25 March 2017; or you received payment from a deceased MasterKey member of all or part of their interest that was transferred by NULIS to a MySuper product in the MLC Super Fund on or about 3 December 2016 or 25 March 2017; or you were the spouse of a MasterKey member and under the Family Law Act or a superannuation agreement you received a transfer of the member's interest that was transferred by NULIS to a MySuper product in the MLC Super Fund on or about 3 December 2016 or 25 March 2017.
Can I register to participate in the class action?
If you are a Group Member and you have not opted out of the proceeding, there is nothing you need to do to participate in the settlement. It is not necessary for Group Members to register to receive a settlement payment under the settlement. Further information regarding how eligible Group Members will be contacted in relation to settlement payments is set out below.
How much will group members receive from the settlement?
We are unable to provide an estimate as to how much compensation group members will each receive. Further information regarding the calculation of settlement payments is set out in the Settlement Distribution Scheme which is available in the Key Documents section below.
When will I receive a distribution from the settlement?
Settlement payments will be made in tranches commencing in late 2025, and throughout 2026.
How will Group Members be notified of Settlement Payments?
Group Members who continue to be members of the MLC Super Fund will be notified of any settlement payment in their periodic MLC superannuation statement once the payments have been made. Group Members who are no longer members of the MLC Super Fund will receive an email or letter from the Trustee for the MLC Super Fund once settlement payments have been made. Group Members who wish to update their contact details in order to ensure that they receive communications regarding settlement payments should contact the Trustee of the MLC Super Fund on 132 652 (or +61 3 9966 5802 outside Australia). Please note that Maurice Blackburn is unable to update your contact details.
How much does it cost to participate as a group member in the settlement?
There are no "out of pocket" costs for Group Members to participate in the settlement. The costs of running the class action to date have been undertaken by Maurice Blackburn. As part of the settlement, the Supreme Court of Victoria has considered and approved the deduction of Maurice Blackburn's costs from the Settlement Sum prior to the distribution of compensation to Group Members. The cost of distributing the settlement payments will be borne by the Trustee for the MLC Super Fund. No funding commission will be payable to a third party litigation funder as there is no third party litigation funder involved in the MLC MySuper class action.
Is the MLC MySuper Class Action different from the NAB MySuper Class Action?
These two names refer to the same proceeding. The case was previously referred to as the 'NAB MySuper Class Action' because when this case was commenced in January 2020, the Defendant trustees were part of the NAB Group. On 1 June 2021, the Defendant trustees were sold to Insignia Limited (formerly known as IOOF Limited). Following this sale, the class action is now referred to as the 'MLC MySuper Class Action'.
What is an accrued default amount?
An accrued default amount is the balance of a member's account where an investment choice has not been exercised by the member, or if
Source: Maurice Blackburn
Disclaimer: This information is sourced from Maurice Blackburn. 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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