Slater & Gordon (ASX:SGH) yesterday announced a new campaign “Get Your Super Back” to bring back bank-owned super funds to customers’ accounts, through a series of class action. The law firm alleges that more than one billion dollars of Australian’s super funds have been striped by major banks lining their pockets.
The lawyer said that it is preparing to sue wealth managers and major banks for charging extra fees and paying below standard market rates. The action is triggered against Colonial First State, Commonwealth Bank-owned superannuation fund, and AMP.
A series of class action will form part of Law firm’s “Get Your Super Back“ campaign targeting to get back Australians funds that is alleged to be striped by the big banks from their retirement savings. The allegations emerged from the revelations made by royal commission.
In a statement on Tuesday Slater & Gordon head of class actions, Ben Hardwick, said that paying out of uncompetitive interest rate and extra fees charges have caused million of Australian to be out of pocket.
He stated that the interest from the parent bank like CBA is even below the RBA cash rate, making cash option’s investors to receive as low as 1.25% a year.
2% to 2.5% have been stated to be the standard bank interest rate by Hardwick
With the view to kick start this campaign law firm’s head of class action Ben Hardwick urged the bank-owned fund members to get registered on the campaign site. SGH was up by 4.082% to $3.060 on 12 September 2018.
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