Slater and Gordon has launched a series of class actions aimed at retrieving retirement savings that may have been gouged from members by bank-owned super funds.
The allegations arise from evidence given before the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
“Slater and Gordon will take on the banks on behalf of millions of Australians whose retirement savings may have been gouged by bank-owned super funds lining their pockets,” the law firm said.
The Get Your Super Back campaign will involve a series of class actions with Commonwealth Bank-owned superannuation fund, Colonial First State, and AMP super likely to be the first targets.
The firm alleges the big bank-backed super funds failed to obtain for members competitive cash interest rates on cash option funds, and charged exorbitant fees, affecting millions of members who held part or all of their superannuation in bank-owned funds.
