A group proceeding (class action) brought on behalf of members who held accrued default amounts in MasterKey Super products that were transferred into MySuper products on 3 December 2016 or 25 March 2017. The plaintiff alleges that the defendants, the trustees of the super funds, breached their duties as trustees by failing to transition the accrued default amounts to the lower-cost MySuper product in a way that was timely and in the best interests of those members.
The deadline for opting out has now passed.
The deadline to object to the proposed settlement has now passed.
The Court will have a hearing on 16 April 2025 at 10:30am (AEST) to determine whether to approve the proposed settlement.
The deadline to object to the proposed settlement has now passed.
On 18 December 2024, the Court approved a Notice of Proposed Settlement to be sent to group members. Group members should read the Notice carefully as the matters set out in the notice may affect their legal rights.
If you are content with the proposed settlement, and do not want to object to it, you do not need to do anything in response to the Notice.
Any group member who wishes to object to the proposed settlement must, by no later than 4:00pm (AEDT) on 4 April 2025, either:
- complete the online objection notice; or
- complete the ‘Notice of Objection’ form found at Annexure B of the Notice above, and send it to the Court by email or post to the addresses on the form.
Any group member who wishes to object must also attend, or have their legal representative attend the settlement approval hearing (unless the Court orders otherwise), which is on 16 April 2025 at 10:30am (AEST) at the Supreme Court of Victoria.
Further details regarding the hearing will be published on this webpage closer to the hearing date.
Please note that the deadline for opting out has now passed.
If you are, or you think that you may be a group member, you should read the documents below carefully. The Notice (a copy of which is below) contains important information about your rights to opt out of the proceeding. The definition of a "group member" is set out in the Notice.
If you fall within the category of a group member and do not opt out by the deadline, you will remain a group member in this proceeding.
Defence to Further Amended Statement of Claim filed 22 June 2022
Further Amended Statement of Claim filed 19 May 2022
Funding Information Statement filed 6 July 2023
Class Action Summary Statement filed 6 July 2023