Published: 02:39 BST, 31 August 2026 | Updated: 02:44 BST, 31 August 2026
More than 500,000 Aussies could be eligible for a slice of a $249million class action suit brought against Commonwealth Bank and two fund managers.
The class action centred on dealings between CommBank, Colonial First State Investments and Avanteos Investments between 2008 and 2021.
The case alleged that the banks had put their own profits ahead of the guardianship of peoples' super accounts, after members were paid low interest on their savings.
On Monday, Slater and Gordon, who brought the suit, said the case had been settled for $249million with no admission of liability from the three companies. The deal remains subject to court approval.
Anyone eligible for a share of the settlement will receive a payment automatically into their super account.
Lead applicant Wendy Gibson said she has held superannuation and term deposits with Colonial since 2005.
'I was dumbfounded when I first learnt of Colonial's alleged conduct. We must be prepared to stand up for what's right against these big conglomerates,' she said in a statement.
'I'm glad that we persevered with this case and I'm relieved that it will finally conclude.'
Over half a million Australians could be eligible for a share of $249million, after a class action suit was brought against Commonwealth Bank and two fund managers
Another lead applicant, Peter Currie, said he hoped the big banks had 'learnt their lesson'.
'My focus was on ensuring that the big banks operate honestly, and I hope that they have learnt their lesson,' Mr Currie said.
'I hope that (lawsuit) group members are happy with this outcome and that this case has come to fruition.'
In a statement to the ASX last week, Commonwealth Bank and Colonial confirmed the in-principle settlement.
'In agreeing to resolve the proceedings, CBA, CFSIL and AIL continue to deny the allegations and make no admission of liability or wrongdoing,' the announcement said.
