Colonial First State statement on
superannuation class action

Colonial First State Investments Limited (CFSIL) notes that an in principle settlement has been reached in relation to the Grandfathered Commissions Class Action brought by Slater & Gordon.

The matter relates to CFSIL’s payment of commissions to advisers, and the fees charged to members of the Colonial First State FirstChoice Superannuation Trust, in the period 1 July 2013 to 1 June 2020. 

Following a confidential Court-ordered mediation on 16 June 2023, CFSIL and the Applicants have agreed to settle the class action. The settlement is subject to court approval.

In agreeing to resolve the litigation, CFSIL continues to deny the allegations and makes no admissions of liability or wrongdoing.  

If the court approves the settlement, eligible group members will each recover a share of the agreed settlement sum of $100m, after accounting for any deductions which may be approved by the Court, such as legal fees charged by the Applicants’ lawyers and any commission approved by the Court to be paid to the funder of the class action. 

CFSIL expects that a notification of the in principle settlement will be sent to eligible group members in August 2023.