BT Super Class Action

CLOSING SOON – REGISTER NOW

Thank you for your interest in registering for the BT Super Class Action. Group members in the class action are required to submit a registration by 11:59pm AEDT on 21 December 2023 to ensure they are eligible to receive any potential compensation. This deadline was set by the Court, therefore, we are unable to accept any registrations after the deadline.

Further information on the class action can be found below, or on Slater and Gordon Lawyers' website https://www.slatergordon.com.au/btsuper. If you prefer, you can also search for the BT Super Class Action online. 

What is the class action about?

The BT Super Class Action relates to the cash-only investment option (Cash Option) of the BT Super for Life and BT Super superannuation products. The class action alleges that the trustee, BTFM, breached various legal duties owed to members who invested in the Cash Option, as BTFM invested members’ funds in its former related entity, WLIS (now TAL Life Insurance Services Limited). It is alleged that members would have earned higher investment returns if BTFM had not done this. The Applicant alleges that WLIS was knowingly involved in the contraventions by BTFM. The Applicant sought compensation from BTFM and WLIS. The Respondents deny the allegations made in the BT Super Class Action. 

Am I eligible to participate in the class action?

The BT Super Class Action was commenced on behalf of a cohort of BT Super members. The BT Super Class Action relates to the cash-only investment option (Cash Option) of the BT Super for Life and BT Super superannuation products. 

 Group members in the BT Super Class Action are people who: 

1. were members invested in the Cash Option within the BT Super for Life or BT Super product between 29 October 2007 and 31 October 2019 (Claim Period); or 
2. during the Claim Period, received payment of all or part of the benefits of a deceased person who had invested in the Cash Option; or
3. were spouse of a person who had invested in the Cash Option and at any time during the Claim Period received a payment of all or part of the member’s account pursuant to an order or settlement in a Family Law Act 1975 proceeding or superannuation agreement. 

If you meet the above criteria, then you are a group member automatically. Group members will be bound by the outcome of the class action unless they previously took steps to “opt out”.

What is the settlement? 

The parties in the BT Super Class Action have agreed without any admission of liability to a proposed settlement, under which the Respondents will pay a total of $29.95 million, inclusive of interest and legal costs as full and final settlement of the claims in the class action. The proposed settlement was subject to the approval of the Federal Court of Australia. The settlement hearing took place on 13 November 2023. On 7 December 2023, the Court made orders approving the settlement and the Settlement Distribution Scheme. The distribution of funds will likely commence in 2024.

More information can be found on the Slater and Gordon website https://www.slatergordon.com.au/btsuper. If you prefer, you can also search for the BT Super Class Action online. 

What does registration involve? 

Group members must register by 11:59pm AEDT on 21 December 2023 to ensure they are able to receive any entitlement they may have under the proposed settlement. We estimate that the registration form will take approximately 10 minutes to complete.

Group members will be required to provide us with information necessary to verify that they are a group member in the BT Super Class Action and facilitate payment of their entitlements in due course, if proposed settlement is approved. This includes bank account details. If group members do not provide this information, we may not be able to pay them their entitlement.

When registering, it would assist if group members could provide their Group Member Identification Number from their Notice of Proposed Settlement ("Notice") or their BT account number. It is possible to register without those details, however if we are unable to verify that someone is a group member, we will be unable to pay their entitlement to them. 

If you are registering on behalf of a deceased estate, please follow the instructions on the registration form closely.

The information provided in the registration process will be kept secure and will be deleted or destroyed within a reasonably practicable timeframe after the settlement funds are distributed, subject only to regulatory retention requirements.

More information about how your personal information will be handled is set out in Link’s Privacy statement at Link_Group_Privacy_Policy.pdf (linkgroup.com) and Slater and Gordon’s privacy policy at https://www.slatergordon.com.au/privacy-policy  

Registrants will be sent an email confirming the registration and providing a record of the information provided. 

If you require assistance, please contact us on 1300 910 051 or email us at btclassaction@linkmarketservices.com.au.