William Roberts Lawyers and litigation funder Litigation Capital Management have announced they are moving forward with legal proceedings against Suncorp Super.
The class action alleges that Suncorp Super executed agreements to entrench fees to be used for payment of conflicted remuneration to financial advisers that would become unlawful following 1 July 2013.
William Roberts has not proposed that any financial advisers will be sued in the class action.
The class action will be funded on a “no win, no pay” basis. This means if William Roberts loses, they will pay for the action. If the class action is successful, William Roberts will be reimbursed.
Who is involved?
Anyone who is a member of Suncorp Super before 1 July 2013 has been encouraged to come forward as part of the dispute.
The proposed class action will be brought on behalf of the members of the Suncorp Super Funds whose accounts have been impacted by the payments of conflicted charges from 1 July 2013.
The main compensation that is being sought is effectively a refund of the conflicted charges to members plus interest, said William Roberts.