Tens of thousands of Australians eligible for cut of multi-million dollar Westpac settlement
Tens of thousands of Australians may be eligible for a cut of a nearly $30 million legal settlement made with Westpac.
Law firm Slater and Gordon filed a class action against the big bank's subsidiaries BT Funds Management and Westpac Life Insurance Services Limited.
Members in BT Super for Life's cash-only option allegedly received lower returns because their funds were invested through Westpac Life.
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Westpac's subsidiaries have settled a class action filed by Slater and Gordon. Nikki Short
Slater and Gordon alleged Westpac Life then earned fees without providing a valuable service.
"The case alleged BT prioritised Westpac Life's profits over its duty to seek the best returns available for its members' retirement savings, leading to lower returns for members," Slater and Gordon special counsel Nathan Rapoport said.
"We are pleased this settlement means that group members will be getting millions of dollars of compensation."
People who were members for BT Super's cash option between 2007 and 2019 may be eligible for compensation.
The settlement was reached on a "no admissions" basis, meaning BT and Westpac Life both deny any liability.
The settlement is subject to court approval.
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