Brought to you by:

Lawyers update class action members on Colonial settlement 

Slater & Gordon has provided an update on a $100 million class action settlement with Colonial First State in relation to adviser commissions and fees charged to super members.

“The distribution of notices of proposed settlement (court notice) began on February 9 2024, and will continue over the course of multiple days,” the law firm says on its website. “The court notices have been sent via email or posted to the addresses on record with Colonial First State.”

The in-principle settlement was reached last year. Colonial says that in agreeing to resolve the litigation, it “continues to deny the allegations and makes no admissions of liability or wrongdoing”.

Slater & Gordon says the settlement was negotiated for members of Colonial First State FirstChoice Personal Super, FirstChoice Pension and FirstChoice Employer Super whose accounts were opened before June 11 2013 and who remained members after July 1 2013, and who were charged one or more management (including a component referrable to commissions) or contribution fees.