In January 2020, Shine Lawyers filed a class action against Colonial First State Investments Limited (CFSIL) on behalf of members of its superannuation funds. It is understood that hundreds of thousands of Australians who were members of one or more of CFSIL’s superannuation funds have had their superannuation depleted as a result of wrongfully paying more for their insurance as a consequence of CFSIL’s conduct.
It is alleged that CFSIL did not act in the best interests of its members when taking out group insurance policies. Despite there being evidence of equivalent or substantially better policies available through other insurers for cheaper premiums, CFSIL chose to obtain these policies from a related party (CommInsure), meaning members of its superannuation funds paid higher premiums.
It is also alleged these members were charged excessive insurance premiums between January 2014 and January 2020.
Who is eligible for the Colonial First State Super Insurance Class Action?
To join the class action, you must have been a member of at least one of the following superannuation funds:
- FirstChoice Personal Super and Pension;
- FirstChoice Wholesale Personal Super and Pension;
- FirstChoice Employer Super; or
- Commonwealth Essential Super.
In addition to being a member of at least one of the above superannuation funds, you must have held life and/or TPD insurance issued by CommInsure through your superannuation in the period between January 2014 and January 2020.
How do I register for the Colonial First State Class Action?
If you would like to register for the Colonial First State Class Action, please click the 'Register Now' button below and fill out the registration form.
Who is Shine Lawyers' Class Action team?
Shine Lawyers' Class Action team includes some of the firm’s most experienced practice leaders, solicitors and support staff, including law clerks and paralegals. The Colonial First State Class Action team includes:
For more information about this class action, see our "Common Questions" section below.