A class action for life advice clients who allegedly paid “excess premiums” may settle by the fourth quarter of this year.

An advert today in the Australian Financial Review by plaintiff law firm Shine Lawyers says the Federal Court has ordered mediation on a settlement in the CommInsure case, to be conducted by October 31. Shine placed the ad on the order of the court.

The law firm launched the action in August 2020 against Commonwealth Financial Planning, Financial Wisdom, the Colonial Mutual Life Assurance Society (CommInsure or CMLA) and AIA Australia, according to its website.

“This class action seeks compensation for the excess premiums these clients paid as a result of the financial advice they were given by, and conduct of, the respondents,” Shine says.

Shine’s website says the court has set a deadline of 4pm AEST on August 29 for group members to register to have their claims considered in the mediation, or to opt out.

See class action details here.