Commonwealth Bank, Colonial First State and Avanteos settle $249m class action

Commonwealth Bank, Colonial First State Investments and Avanteos Investments have agreed to pay $249 million to settle a Slater and Gordon class action alleging more than 500,000 Australians received lower returns on certain superannuation cash and deposit investments, with the proceeding backed by UK-based funder Augusta Ventures and any legal fees and payment to the funder to be deducted from the settlement subject to Federal Court approval.

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