On Mar. 12, AST ASIC sued trustee alleging death claims failures.
AST ASIC filed lawsuit against AustralianSuper Pty Ltd, trustee of Australia’s largest superannuation fund, over significant delays in processing death benefit claims.
It also published Originating process and Concise statement (of Mar. 11), re lawsuit.
Follows AST ASIC Sep. 2023 said it sued fund trustee re multiple accounts, #184265.
Allegations
The case, lodged in the AST Court, alleges that between Jul. 1, 2019 and Oct. 18, 2024, AustralianSuper failed to process claims efficiently, honestly, and fairly.
The processing time for at least 6,897 claims ranged from four months to four years.
AST ASIC alleges that AustralianSuper failed to pay death benefits promptly for at least 752 members, despite having the necessary information in many cases.
Alleged AustralianSuper breached the ASTCA by failing to provide services efficiently, honestly, and fairly, by failing to comply with financial services laws on 752 occasions.
