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QSuper, which merged with Sunsuper to form the Australian Retirement Trust (ART)—the country’s second-largest superannuation fund—has reached an out-of-court settlement valued at $67 million. The settlement addresses claims that members were overcharged for life insurance premiums.
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The class action was initiated by Shine Lawyers in November 2021 in the Federal Court. It alleges that QSuper failed to properly inform members about changes made in July 2016 to life insurance premiums, specifically the introduction of occupational ratings for insurance pricing.
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The settlement awaits court approval and includes no admission of liability by QSuper.
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