Woodsford funds class action filed by Shine Lawyers on behalf of members of the Rest Superannuation fund.

This is another example of Woodsford working with leading class action lawyers, in this instance Shine Lawyers, to provide collective redress for consumers affected by alleged corporate misconduct.

The Rest Superannuation fund is amongst one of the largest Australian super funds by membership with in excess of 1.9 million members of which up to 500,000 members are potential class members.

The class action alleges that members were, without their choosing and by default, signed up to income protection insurance policies resulting in unfair deductions from their superannuation accounts. In addition, if members didn’t make any contributions to their Rest account for 13 consecutive months or more the policy failed to provide any cover and those members with multiple income protection policies were provided with little to no coverage under the default policy.

“This was money down the drain for fund members who paid a premium for no benefit. As a result, we’re seeking compensation for insurance premiums which we allege were unfairly deducted, as well as investment returns and administration costs,” said Shine Lawyers’ Special Counsel, Hadi Boustani.

Clare Owen, Director and Head of Origination, Woodsford Australia, commented: “Everyday Australians trust their superannuation funds to look after their hard-earned dollars which they have invested for their retirement. Having sufficient superannuation to fund retirement is so important. Woodsford is pleased to be supporting this action to assist everyday Australians in recouping any losses to their superannuation where it has been unfairly eroded.”

Click here for the full press release.

Click here for the class action website.