Alyse Mobrici

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.