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Tens of thousands of Australians could share in $30million compensation pay-out after successful class action against Westpac over super funds

  • Westpac order to pay $29.95million in compensation following class action
  • Bank subsidiaries BT Super and Westpac Life shifted super between the funds
  • It was alleged the practice allowed them to earn fees for no service 
  • BT and Westpac Life denied any liability in reaching the settlement 

Westpac customers in their thousands stand to share in $30million worth of compensation following a successful class action over superannuation fees.

Tens of thousands of Australians could have a stake in $29.95million worth of compensation from the bank following a class action settlement.

The action alleged Westpac subsidiaries BT Super and Westpac Life shifted customers’ superannuation between the funds to earn fees for no service.

Law firm Slater and Gordon said 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.

‘Superannuation members trust their funds with their retirement savings and place their faith in them to protect their future,’ Slater and Gordon special counsel Nathan Rapoport said.

The settlement was reached on a ‘no admissions’ basis and BT and Westpac Life deny any liability.

Westpac sold BT Super to Mercer in May.

Westpac has been contacted for comment.

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