William Roberts Lawyers and litigation funder Litigation Capital Management are set to launch a class action against Suncorp Portfolio Services Limited, the trustee for the administration of Suncorp Super Fund, which is part of the Suncorp Group Limited.
The proposed class action will be brought on behalf of members of Suncorp Super Funds to recover compensation for members whose accounts were impacted by charged used to pay conflicted remuneration to financial advisers from 1 July 2013.
In conducting itself in this way, it is alleged that Suncorp Super breached its duty to avoid conflict, act with due care and diligence and act in the best interests of its members.
William Roberts Lawyers stated that it does not intend to sue any financial advisers as part of its class action.
Commenting on the move, William Roberts Lawyers principal Bill Petrovski said: “We have formed the view that, since 1 July 2013, Suncorp Super members have been wrongfully stripped of hard-earned monies used for the payment of commissions and other fees to financial advisers.”
“Those monies should now be repaid,” Mr Petrovski added, noting that the main compensation being sought will effectively refund members for conflicting charges, as well as pay interest that has otherwise been forgone.
Also commenting on the class action, Litigation Capital Management Limited CEO Patrick Moloney said: “LCM has a longstanding and successful track record of identifying and financing class actions that meet our rigorous due diligence criteria.”
Cameron Micallef is a journalist at Nest Egg, writing primarily about personal wealth and economic markets.
Prior to this, Cameron worked for Australian Associated Press. He graduated from the University of Wollongong with a double degree in communications and commerce.