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A judge has declined a funder’s bid for a $43 million payout in a class action accusing Colonial First State of charging excessive premiums, saying it was entitled to a 27.5 per cent commission but not $4.5 million for after-the-event insurance.
Macquarie Investment Management breached its obligations after its members invested $321 million in Keystone Asset Management's failed Shield fund, a court has found, but the super trustee will not pay a penalty.
Class action settlements hit major milestones last year, with the year’s largest settlements totalling $1.6 billion and one case resolving for a historic $548.5 million.
Wealth manager Colonial First State Investments and insurer AIA have reached a $140 million settlement in a long-running class action alleging 700,000 superannuation members were charged inflated premiums on insurance products linked to former owner CBA.