Banks Could Owe Aussies $3000 Each In Landmark Lawsuit

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Banks Could Owe Aussies $3000 Each In Landmark Lawsuit

A class action on behalf of millions of Australians with bank-owned super funds is being launched by lawyers Slater and Gordon.

The Get Your Super Back claim targets retirement savings may have been gouged by bank-owned super funds lining their pockets, in light of evidence from the banking royal commission, the law firm said on Tuesday.

The campaign will involve a series of class actions with Commonwealth Bank-owned superannuation fund, Colonial First State, and AMP super likely to be the first targets.

It is estimated the lawsuits could get some account holders as much as $3000 back and end up costing the banks more than $1 billion.

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