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.
About This Case
The action, led by representative applicant [name withheld], brought by Shine Lawyers, and funded by global litigation funder, Woodsford, commenced in January 2020 on behalf of members of Colonial First State’s FirstChoice or Essential Super superannuation funds who held insurance between 22 January 2014 and 15 February 2022.
The claim alleged members were overcharged for life insurance products, including death, total and permanent disability, and income protection cover, within their superannuation accounts.
In agreeing to resolve the litigation, all parties CFS, Colonial Mutual Life Assurance Society Pty Limited and AIA Australia Limited continue to deny the allegations and make no admissions of liability or wrongdoing.
Source: Shine Lawyers
Who May Be Eligible
You are a Group member if, during the period 22 January 2014 and 15 February 2022, you: were a member of at least one of the following superannuation funds: a) FirstChoice Personal Super; b) FirstChoice Wholesale Personal Super; c) FirstChoice Employer Super; or d) Commonwealth Essential Super, AND held life, TPD and/or income protection insurance issued by CommInsure or AIA through your superannuation.
Source: Shine Lawyers
How to Register
If you are a group member you do not need to do anything to join the class action. You are not required to register or provide any information to receive a settlement payment.
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: there must be 7 or more people that have claims against the same defendant; and the claims relate to the same or similar circumstances; and the 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.
I have been asked for my bank details – do I need to give these to participate in the settlement?
No. The settlement in this case does not require any group member to provide their bank details. None of Shine, nor Colonial First State Investments Limited, nor Avanteos Investment (AIL) will ask you for bank details or any other details to participate in the settlement. All group members are current or former members of superannuation funds which allows Colonial First State and AIL to arrange payment without additional details.
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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