330,000 super members to share in $64.25m after Maurice Blackburn settles MLC MySuper class action

6 December 2024

The class action was filed in the Victorian Supreme Court against the current and former trustees of the MLC Super Fund, NULIS Nominees (Australia) Limited and MLC Nominees Pty Limited.

On Friday 6 December, Maurice Blackburn advised the court that the matter had settled for $64.25 million, inclusive of legal fees and subject to court approval. The proceeding had been set to commence a four-week trial on 18 November 2024. 

The settlement was reached without admission of liability from either defendant.

If approved by the court, the settlement means eligible class action members should start receiving settlement payments into their superannuation accounts next year.

Maurice Blackburn principal lawyer Nina Abbey said the class action had alleged that delays in transferring more than $6.8 billion of “accrued default amounts” to the lower cost, MySuper product resulted in higher fees and commissions, and lower investment returns for an extended period.

“Superannuation is often the greatest asset Australians have, and is crucial to a dignified retirement. The High Court has recognised the valuable status of superannuation as ‘deferred pay’.”

“MySuper was introduced to protect the retirement outcomes of millions of Australians who had not made an active decision about how their super was invested. The reforms ensured that following the transfer to MySuper, default members would no longer be charged fees or commissions that they had not actively selected.”

“We are very pleased to have reached this settlement that will provide fund members with a welcome boost to their retirement incomes. This will hopefully provide some much-welcomed relief to superannuation members who - like all Australians - are struggling with the rising cost of living.”

Notices in relation to the proposed settlement will be distributed to Group Members in March 2025.  

Media enquires:
Cameron Scott at Maurice Blackburn Lawyers 0400 876 466 or  cscott@mauriceblackburn.com.au