Australian law firm sues two NAB units for breaching pension laws

This post was originally published on this site
https://i-invdn-com.akamaized.net/trkd-images/LYNXMPEG0K1WQ_L.jpg

(Reuters) – Australian law firm Maurice Blackburn said on Wednesday it has filed a class action lawsuit on behalf of more than 333,000 account holders against two entities of National Australia Bank (AX:) for alleged breaches in pension laws.

Maurice Blackburn alleged that the two entities, MLC Nominees Pty Ltd and NULIS Nominees (Australia) Ltd, kept account holders in products with higher fees and commissions.

NAB did not immediately respond to a request for comment outside regular business hours.

The lawsuit was filed in the Victorian Supreme Court. “This is another regrettable case of mismanagement in the superannuation sector,” said Andrew Watson, national head of class actions at the law firm.

He said the lawsuit would center on “NAB’s failure” to transition more than A$6.3 billion ($4.31 billion) of default member balances to a lower cost product in a timely manner.

Last month, Australia’s securities regulator took the country’s third largest lender to court, accusing it of inappropriately taking fees from financial planning customers.

Australia’s “Big Four” banks are bracing for another year of pain after a string of scandals and damaging revelations from a government-backed inquiry into financial sector misconduct.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Add Comment