Class action to be brought against Suncorp Super
3 June 2019, Written by Business News Australia
William Roberts Lawyers and Litigation Capital Management (LCM) have partnered up to bring a class action against Suncorp Group's super funds trustee.
The proposed class action will be brought on behalf of members of Suncorp Super Funds to recover compensation for those whose accounts were impacted by charges used to pay conflicted remuneration to financial advisors from July 2013 to today.
The two firms allege Suncorp Super executed agreements to entrench fees that would otherwise have become unlawful or unenforceable.
Further, the two firms say that Suncorp Super breached its duties to avoid conflicts, act with due care and diligence and act in the best interest of its members.
"We have formed the view that Suncorp Super members have been wrongfully stripped of hard-earned monies used for the payment of commissions and other fees to financial services," says principal of William Roberts Lawyers, Bill Petrovski.
"Those monies should now be repaid."
The allegations and the class action follow the Royal Commission into the banking and finance sector.
During the Royal Commission, evidence was presented suggesting that Suncorp was engaged in the behaviour as alleged by the two law firms.
LCM says this class action is an opportunity for customers to be compensated for fees they never should have been charged.
Shares in Suncorp are down 0.61 per cent to $12.95 per share at 12.21pm AEST.
Business News Australia
Author: Business News Australia