A law firm has brought a class action against a NAB-owned superannuation fund, the second such action it has pursued this month.
The class action from William Roberts Lawyers and IMF Bentham is against the MLC Super Fund trustee company, NULIS Nominees (Australia), according to a statement.
The action relates to excess fees charged to members of the fund from 1 July 2016 onwards. It will allege NULIS breached its obligations to the members of the MLC Super Fund, when it agreed to levy and levied excess fees from member’s accounts in order to pay commissions and other fees to advisers.
As a result, William Roberts will allege that this constituted a breach of NULIS' duty to act in the best interests of the members of the MLC Super Fund.
It is not proposed that any financial advisers be sued in the class action, William Roberts said.
The move follows a similar class action William Roberts pursued earlier this month against Suncorp Super.
Other class actions launched in recent months include one against AMP from Slater and Gordon in relation to its super fees and one from Maurice Blackburn, also against AMP, relating to a similar matter.
However, Maurice Blackburn’s claim only goes back as far as 30 May 2013, while Slater and Gordon is seeking compensation for losses as far back as 2008.
The FAAA has expressed concern regarding one area of the first tranche of QAR legislation that could potentially impose ...
The FSC CEO will join a long line-up of renowned speakers at the inaugural summit. Blake Briggs, chief executive ...
Legislation tabled in Parliament on Wednesday has made some amendments to ongoing fee arrangements and consent ...
Never miss the stories that impact the industry.
Get the latest news! Subscribe to the ifa bulletin