MLC Super Fund Class Action
Class Action regarding fees and premiums charged to superannuation accounts of members of the MLC Super Fund between 1 July 2016 to 23 September 2020 from which commissions were deducted and paid to financial services licensees.
William Roberts Lawyers and litigation funder, Omni Bridgeway (formerly known as IMF Bentham) (Omni) are working together on this class action against the trustee of the MLC Super Fund, NULIS Nominees (Australia) Limited (NULIS). The class action seeks compensation (that is, money) in respect of fees and premiums charged to superannuation accounts of members of the MLC Super Fund between 1 July 2016 to 23 September 2020 from which commissions were deducted and paid to financial services licensees (Conflicted Charges). The Applicant claims that NULIS breached certain legal duties as a result of paying the Conflicted Charges in the period 1 July 2016 to 23 September 2020.
Financial advisers are NOT being sued in this class action.
Important notice approved by the Federal Court of Australia on 12 July 2022
If you received this notice directly via email or mail, NULIS’ business records indicate that you are likely a potential class member and have been affected by the Conflicted Charges.
Court documents filed in this class action:
How can I find out more?
Due to the large number of class members, we expect a large volume of queries. Should you have any queries about this class action, we request that you contact Omni at first instance, who will be able to provide you with further information, including responses to Frequently Asked Questions that may assist. Omni will refer any questions of a legal nature to us and we will respond accordingly. We apologise in advance for any delay that may be experienced in responding due to large volumes of queries.
If you are unsure about anything, you may provide your details via Omni’s website at https://portal.omnibridgeway.com/mlc, after which you may be assisted with further information, including whether you qualify as a class member. Omni can also be contacted by email nulis@omnibridgeway.com, or by telephone on 1800 313 164.
What compensation will be claimed?
The class action seeks to recover the Conflicted Charges and consequential loss and damage flowing from the levy of such charges, on behalf of affected members of the MLC Super Fund.
Who can participate in the class action?
The criteria to be a class member is set out at paragraph 3 of the Fourth Further Amended Statement of Claim, which can be accessed via the link above or at https://portal.omnibridgeway.com/mlc or https://www.fedcourt.gov.au/law-and-practice/class-actions/class-actions.
You may be a class member if:
a. you were a member of The Universal Super Scheme prior to 1 July 2016;
b. you became a member of the MLC Super Fund from 1 July 2016; and
c. between 1 July 2016 and 23 September 2020 you were charged certain fees or premiums from which some commissions were deducted and paid to financial services licensees (including if you were charged a fee called a “plan service fee” in respect of the MasterKey Business Super product and have not had that fee fully refunded by NULIS and you did not receive services in exchange for that fee).
If you received a notice directly via email or mail, NULIS’ business records indicate that you meet each of the above criteria and therefore are likely a potential class member.
If you are unsure if you qualify as a class member, you may provide your details at https://portal.omnibridgeway.com/mlc, after which you may be assisted with further information.
Will it cost anything to participate in the class action?
Class members are not, and will not be, liable for any “out of pocket” legal costs by remaining in this class action. Companies related to Omni are funding the case by paying William Roberts Lawyers and covering any exposure to pay NULIS’ costs. The costs of running the class action are being paid in the first instance by Omni and William Roberts Lawyers.
If the class action is unsuccessful, class members will have no liability to pay any legal and funding costs.
If the class action is successful and results in the payment of money by NULIS, the Court will be asked by the Applicant or Omni to distribute the legal and funding costs, from the money recovered, among all persons who have benefitted from the class action (sometimes referred to as an “Expense Sharing Order”). The effect of an Expense
Sharing Order, if made, would be that all class members who benefit from the class action will contribute to the legal and funding costs equally. An Expense Sharing Order means even class members who do not sign up to a litigation funding agreement with Omni might have to contribute to legal and funding costs out of their share of any money obtained from the class action in the same way as those that sign a litigation funding agreement do. NULIS will be liable to pay William Roberts Lawyers’ reasonable costs if the class action is successful.
How can affected MLC Super Fund members participate in the class action?
You do not need to do anything to remain in the class action. However, class members are invited to provide their details to Omni and William Roberts. Registration is voluntary and you do not have to register to remain a class member. If you want to register, you should go to Omni’s website: https://portal.omnibridgeway.com/mlc and complete the form online.