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CBA to ‘vigorously defend’ against class action

The Commonwealth Bank has formally acknowledged it is the subject of class action proceedings with respect to its superannuation funds.

The big banking group informed the Australian Securities Exchange (ASX) that “class action proceedings concerning investment in cash and deposit options in certain funds” had been filed by Slater and Gordon in the Federal Court.

It said the actions related to Colonial First State Investments Limited, a subsidiary of the bank.

It said CBA was also a respondent in the proceedings.

“CFSIL and CBA will vigorously defend the proceedings,” the announcement said.




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I wonder whether CLASS ACTIONS on behalf of Members will be taken against Industry Super Funds who use Franking credits from investments to help pay general admin costs, who do not disclose the true cost to the Funds of low grade Life Insurance, who hold property investment valuations at cost for years irrespective of market value, who buy into AUSGRID and ENDEAVOUR ENERGY at 40% and 60% respectively above fair market prices and will hold the valuations of these investments at cost for some infinite time, who spend Members Funds on political advertising and the subsidizing of associated Unions, who employ thugs (I quote past RC) to heavy union members to join Industry Funds.
EXTRACT FROM SMH:
By Anna Patty
Updated23 June 2014 — 5:47pm,first published at 5:05pm
The Transport Workers Union forced its members to join the industry superannuation fund which paid its directors, including senior union officials, $200,000 in fees each year, the royal commission into trade unions has heard.
The royal commission was told this conduct raised a potential conflict of interest.
The hearing in Perth on Monday was told that it was a requirement of enterprise bargaining agreements struck in 2011 and 2013 that TWU members join the fund.
Jeremy Stoljar, counsel assisting the royal commission into trade union governance and corruption, said four of the nine directors of TWU Super were among the most senior officials of the union.
The head of the negotiating team for the TWU enterprise agreements of 2011 and 2013 was Michael Kaine, an alternate director for the board of TWU Super.
Mr Stoljar said TWU Super was paying the TWU about $200,000 in directors' fees each year, about $500,000 in reimbursement for the salaries and expenses of a number of superannuation liaison officers employed by the TWU and a further $100,000 in sponsorship.

Great share, thanks! Where was the horrendous public outcry or media circus during all this?? Left leaning media twankers who love keeping anything anti-Labor, anti-Union or even simply common sense under wraps.

IF and when they win in my opinion, against the ambulance chasing cockroaches, Slater & Gordon, hopefully they will then pursue that firm for damages.

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