Settlement Approved
A $140 million settlement in this class action has been approved by the Federal Court, marking the conclusion of proceedings against Colonial First State Investments Limited, Colonial Mutual Life Assurance Society Pty Limited (CommInsure) and AIA Australia Limited.
The action, led by representative applicant Simon Mallia, brought by Shine Lawyers, and funded by global litigation funder, Woodsford, commenced in January 2020 on behalf of members of Colonial First State’s FirstChoice or Essential Super superannuation funds who held insurance between 22 January 2014 and 15 February 2022.
The claim alleged members were overcharged for life insurance products, including death, total and permanent disability, and income protection cover, within their superannuation accounts.
In agreeing to resolve the litigation, all parties CFS, Colonial Mutual Life Assurance Society Pty Limited and AIA Australia Limited continue to deny the allegations and make no admissions of liability or wrongdoing.
If you are a group member you do not need to do anything to join the class action. You are not required to register or provide any information to receive a settlement payment.
If you have elected to opt out, you are not a group member and will not receive any compensation from this settlement.
This class action is now in the administration stage. Colonial First State and Avanteos Investments Limited (the current trustee of the FirstChoice and Essential Super superannuation funds) are responsible for calculating and transferring the settlement payments to Group Members.
All questions relating to the distribution of the settlement proceeds, including, when, how, and how much you will be paid, should be directed to Colonial First State. Please contact Colonial First State by calling 02 9197 3006
Shine Lawyers cannot answer questions about the calculation or distribution of settlement proceeds.
Am I a Group Member?
You are a Group member if, during the period 22 January 2014 and 15 February 2022, you:
were a member of at least one of the following superannuation funds:
a) FirstChoice Personal Super;
b) FirstChoice Wholesale Personal Super;
c) FirstChoice Employer Super; or
d) Commonwealth Essential Super,
AND
held life, TPD and/or income protection insurance issued by CommInsure or AIA through your superannuation.
Contact the team
If you have questions that do not relate to the calculation or distribution of settlement proceeds please contact Shine on the details below.
Case Documents
Frequently Asked Questions
What is a class action?
What is a class action?
When Governments, large companies or institutions do the wrong thing and people are harmed or suffer loss as a result, an individual can have little to no means of bringing a legal claim.
Class actions are an important mechanism within Australia’s legal system that allow large groups of people to come together to pursue a claim collectively.
For a class action to take place, there are three criteria that need to be met:
there must be 7 or more people that have claims against the same defendant; and
the claims relate to the same or similar circumstances; and
the claim must relate to at least one common issue of law or fact.
For more information about how class actions resolve, click here.
How long do class actions take to resolve?
How long do class actions take to resolve?
It can take up to several years for a class action to resolve. The time taken from case commencement through to resolution and settlement administration depends on the particular case, and the nature of the claim.
For more information about class actions and how they work, click here.
Does it cost anything to join a class action?
Does it cost anything to join a class action?
Shine Lawyers is committed to ensuring that everyone, regardless of their background or financial situation, has access to justice. We run our class actions in a way that means you are not exposed to any costs or financial risk, so joining a class action will cost you nothing.
When a class action is successful, the legal fees and costs to run the class action are deducted from the settlement amount that is approved by the Court. If the class action is unsuccessful, we will ensure there are no out-of-pocket costs to you.
Will my contact details be kept private?
Will my contact details be kept private?
Yes, your contact details will remain confidential and we will seek your consent before disclosing any of your personal information (including before such disclosure is required by the Court).
Shine Lawyers will only use your personal information strictly for the purpose of the legal proceedings.
Meet the Colonial First State Super Insurance Class Action team
Shine Lawyers’ Colonial First State Class Action team includes some of the firm’s most experienced litigators, solicitors and support staff. You can learn more about the team running this class action by clicking on their profile below.
Why Choose Shine Lawyers?
In successful settlements and judgments
We have secured more than $1 billion in class action settlements and judgments for our group members.
years of collective experience
Our team includes the country’s most experienced class actions experts and litigators with the skill, industry insight and dedication to deliver the best possible outcomes for deserving Australians.
dedicated class actions team members
We are proudly one of the largest class actions teams in the country. Our senior practitioners are supported by a dedicated team devoted to the complex field of class actions.
