William Roberts Lawyers and litigation funder Omni Bridgeway (Omni) are collaborating on a class action lawsuit against NULIS Nominees Limited, the trustee of the MLC Super Fund. Between July 1, 2016 and September 23, 2020, the class action seeks reimbursement for fees and premiums assessed against MLC Super Fund members’ superannuation accounts, from which commissions were deducted and paid to financial services licensees.
NULIS allegedly violated several legal obligations by paying the Conflicted Charges from July 1, 2016 to September 23, 2020. It should be emphasised that this class action does not involve financial advisors.
Background
The Future of Financial Advice Reforms, which took effect on July 1, 2013, prohibited financial advisers from taking competitive compensation, such as commissions or other incentives that might plausibly affect the advice provided to retail customers.
According to the FOFA Reforms’ “grandfathering provisions.” The ban on competitive compensation did not apply to benefits provided to financial services licensees according to an agreement entered into prior to July 1, 2013, that was not offered by a platform operator.
On May 9, 2016, NULIS assumed trusteeship of the MLC Super Fund. On July 1, 2016, TUSS members were moved to the MLC Super Fund. Following the transfer, NULIS chose to continue paying the Conflicted Charges, which the Applicant argues is unlawful.
Contact Information
- Email – nulis@omnibridgeway.com.
- The telephone number is 1800 313 164.
- Website – https://portal.omnibridgeway.com/mlc
MLC Super Fund Class Action Eligibility Criteria
- You were a member of The Universal Super Scheme before July 1, 2016
- Joined the MLC Super Fund on July 1, 2016
- Between July 1, 2016, and September 23, 2020, you were charged certain fees or premiums from which certain commissions were deducted and given to financial services licensees.
If you got a notification through email or mail, it means that you satisfy all of the above requirements and are therefore a prospective class member.
MLC Super Fund Class Action Procedures and Fees
You don’t have to take any action in order to be a part of the class action. On the other side, participants in the programme are urged to give information to Omni and William Roberts. To register, go to https://portal.omnibridgeway.com/mlc and fill out the online registration form.
Class members are not and will not be responsible for any “out-of-pocket” legal expenses incurred as a result of their continued participation in this class action.
Companies connected with Omni are financing the lawsuit by paying William Roberts Lawyers and perhaps covering NULIS’ legal expenses. Omni and William Roberts Lawyers are covering the class action’s expenses in the first instance.
Class members will not be held responsible for any legal or financial expenses incurred if the class action is unsuccessful.
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If the class action is successful and NULIS pays money, the Applicant or Omni will petition the Court to allocate the class action proceeds to all people who have benefited from the class action. If an Expense Sharing Order is entered, all class members who profit from the class action will be required to pay equally to the legal and financial expenses.
An Expense Sharing Order indicates that, even if a class member does not sign a lawsuit funding agreement with Omni, they may be forced to pay legal and financing costs out of their share of any money recovered in the class action, just as those who do sign a lawsuit funding agreement do. If the class action is successful, NULIS will be responsible for William Roberts Lawyers’ reasonable expenses.
End Note
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