BT Super Class Action
CLOSING SOON – REGISTER NOW
Thank you for your interest in registering for the BT Super Class Action. Group members in the class action were required to submit a registration by 4pm AEST on 21 August 2023, however, for a limited time, group members may still submit a registration to ensure they are eligible to receive any potential entitlement from the proposed settlement, if approved.
Further information on the class action can be found below, or on Slater and Gordon Lawyers' website https://www.slatergordon.com.au/btsuper. If you prefer, you can also search for the BT Super Class Action online.
What is the class action about?
The BT Super Class Action relates to the cash-only investment option (Cash Option) of the BT Super for Life and BT Super superannuation products. The class action alleges that the trustee, BTFM, breached various legal duties owed to members who invested in the Cash Option, as BTFM invested members’ funds in its former related entity, WLIS (now TAL Life Insurance Services Limited). It is alleged that members would have earned higher investment returns if BTFM had not done this. The Applicant alleges that WLIS was knowingly involved in the contraventions by BTFM. The Applicant sought compensation from BTFM and WLIS. The Respondents deny the allegations made in the BT Super Class Action.
Am I eligible to participate in the class action?
The BT Super Class Action was commenced on behalf of a cohort of BT Super members. The BT Super Class Action relates to the cash-only investment option (Cash Option) of the BT Super for Life and BT Super superannuation products.
Group members in the BT Super Class Action are people who:
- were members invested in the Cash Option within the BT Super for Life or BT Super product between 29 October 2007 and 31 October 2019 (Claim Period); or
- during the Claim Period, received payment of all or part of the benefits of a deceased person who had invested in the Cash Option; or
- were spouse of a person who had invested in the Cash Option and at any time during the Claim Period received a payment of all or part of the member’s account pursuant to an order or settlement in a Family Law Act 1975 proceeding or superannuation agreement.
If you meet the above criteria, then you are a group member automatically. Group members will be bound by the outcome of the class action unless they previously took steps to “opt out”.
What is the settlement?
The parties in the BT Super Class Action have agreed without any admission of liability to a proposed settlement, under which the Respondents will pay a total of $29.95 million, inclusive of interest and legal costs as full and final settlement of the claims in the class action. The proposed settlement is subject to the approval of the Federal Court of Australia. The Court will consider whether to approve the proposed settlement at a hearing at 10:15 am on 13 November 2023. If you are a group member in the BT Super Class Action, you have the right to attend the hearing if you wish to. The hearing may be conducted remotely.
More information can be found on the Slater and Gordon website https://www.slatergordon.com.au/btsuper. If you prefer, you can also search for the BT Super Class Action online.
What does registration involve?
Group members must register by 4pm AEST on 21 August 2023 to ensure they are able to receive any entitlement they may have under the proposed settlement. We estimate that the registration form will take approximately ten minutes to complete.