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The judge overseeing a consumer class action against wealth manager Colonial First State Investments has given the green light to a $100 million settlement, but questioned a $23.1 million cut to funder Augusta under a “strange” funding agreement.
REST Super faces a class action alleging the supererannuation trustee deducted premiums for income protection insurance that provided no benefit to members.
Companies and government entities paid out less to settle class actions in 2023 than in the previous two years, with no mega settlements hitting their pocketbooks.
Wealth manager Colonial First State Investments has agreed to pay $100 million to resolve a consumer class action alleging it charged excessive fees on superannuation accounts, in one of the biggest class action settlements of the year so far.