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
We are pleased to announce that on 25 August 2026, the parties reached an in-principle settlement of $249 million at mediation. The settlement, which is subject to Federal Court approval, is the highest ever achieved by Slater and Gordon in a group proceeding. The settlement was reached with the respondents without admission of liability. The proceeding, which commenced in 2018 as part of Slater and Gordon’s ‘Get Your Super Back’ series of class actions in the wake of the 2018 Banking Royal Commission, was brought on behalf of group members against Colonial First State Investments Limited (CFSIL), Avanteos Investments Limited (AIL) and the Commonwealth Bank of Australia (CBA).
Source: Slater and Gordon
About This Case
This class action alleged that group members’ retirement savings were reduced through the payment of low interest rates on certain cash and deposit investments with CBA offered through Colonial First State superannuation and wrap products, CFS FirstChoice and FirstWrap and Commonwealth Essential Super, between November 2008 and September 2021.
It was alleged that CFSIL and AIL did not act in the best interests of their superannuation fund members when they invested members’ retirement savings with their parent bank CBA without trying to obtain the best interest rates available for their members.
It also alleged that CFSIL and AIL received undisclosed payments from CBA which incentivised them to invest members’ savings with CBA at lower rates, and that CBA benefited by obtaining access to members’ savings at low interest rates.
Source: Slater and Gordon
Who May Be Eligible
The class action concerns three Colonial superannuation funds: FirstChoice Commonwealth Essential Super ; and Avanteos Superannuation Trust . With respect to the FirstChoice fund, the class action covers members of the following products: FirstChoice Personal Super FirstChoice Pension FirstChoice Wholesale Personal Super FirstChoice Wholesale Pension FirstChoice Employer Super who invested in any of the following investment options between 17 November 2008 and 2 September 2021: FirstRate Saver FirstRate Wholesale Saver FirstRate Saver Select FirstRate Wholesale TTR Saver or who invested in any of the following investment options between 13 July 2009 and 31 August 2021: FirstRate Term Deposits FirstRate Wholesale Term Deposits With respect to the Commonwealth Essential Super fund, the class action covers members who invested in any of the following investment options: the Cash Deposit option between 17 May 2013 and 2 September 2021 the Balanced option between 17 May 2013 and 5 April 2021 any of the Lifestage options between 17 May 2013 and 11 November 2018 With respect to the Avanteos Superannuation Trust fund, the class action covers anyone who was a member any time between 8 June 2009 and 26 August 2021. Membership of this fund was marketed through a number of superannuation products, including: FirstWrap Super and Pension FirstWrap Plus Super and Pension Investment Exchange Retirement Service Momentum Super and Pension Northhaven Super Wrap Vantage Portfolio Solutions Super and Pension encircle Superannuation Service Beacon Super and Pension Omniport Superannuation & Pension Service Commonwealth Private Super and Pension Service Deakin Smartplan Superannuation and Pension Service If you were a member of any of these products, you were a member of the Avanteos Superannuation Trust. In addition to the categories of people described above (who we’ll refer to as ‘Direct Members’ ), the class action also covers: people who, prior to 8 April 2022, received payment from one of the superannuation funds referred to above following the death of a Direct Member; and people who were spouses of Direct Members and who, prior to 8 April 2022, received part of the Direct Member’s superannuation pursuant to a family law settlement or proceeding. You can find a more detailed description of the eligibility criteria in the Opt Out Notice (in the ‘Key Documents’ section below).
Source: Slater and Gordon
How to Register
If you fit the eligibility criteria for the class action, then you are automatically included as a group member in the class action. There is nothing you need to do to remain a group member if you are eligible. If you wish to receive email updates about the progress of the class action and have not yet registered your interest, you can register your interest below. Registration is not required to participate in the class action.
Source: Slater and Gordon
Frequently Asked Questions
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 each of the individual claims is modest.
How do I register?
If you wish to register your interest in the class action, you may do so via the ‘Registration’ form above. If you have registered your interest in the class action, you will receive group member updates from Slater and Gordon when there are developments in the class action. Additionally, all potential group members will receive any Court ordered notices when required by the Federal Court of Australia.
What do I have to do to participate?
At this stage, you do not need to do anything to participate in this class action, but you may register your interest to receive updates from Slater and Gordon using the ‘Registration’ form above. Registering your interest does not mean you have joined the class action, you have only registered your interest. We will contact you if we need additional information from you.
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 in the class action.
Is there a deadline to opt out of this class action?
Yes – the deadline to opt out of this class action was 4:00pm on 18 November 2022 .
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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