In a statement, IOOF said Slater and Gordon had filed a class action against OnePath Custodians – the super business it purchased from ANZ – on behalf of members of ANZ and OnePath super products.
A statement from the compensation firm said the action alleged that trustees of the super products had “breached their duties to members by charging excessive fees in order to pay unnecessary commissions to advisers, resulting in high fees for no additional benefit to members”.
The claim relates to commissions paid prior to 30 June 2013.
The action also alleged that trustees of the products had committed a further breach by placing member funds invested in cash options into ANZ accounts “rather than shopping around for better interest rates”.
IOOF said OnePath Custodians had not yet been served with the proceedings but that it was the business’s intention to defend the claims.
S and G are free gouging again
They really don’t think the investors are the parties at such a disadvantage individually to justify the action but for S&G it will be a big advantage
With actions like this
Why doesn’t S&G ever take on Industry Union funds on exactly these matters? Scared or in cohoots with the union scum?
Are S & G working for ASIC on this action?