October 16, 2019 / 10:48 PM / a month ago

Australian law firm sues CBA's pension arm over superannuation law breaches

Oct 17 (Reuters) - Law firm Maurice Blackburn Lawyers said on Thursday it has filed a class action suit against Colonial First State in relation to alleged breaches of the country’s superannuation law due to slow implementation of certain reforms.

Colonial’s slow implementation of certain reforms at its MySuper division has caused substantial losses to over 100,000 of its members over several years, the law firm said in a statement.

Australia’s largest lender, Commonwealth Bank of Australia is currently in the process of divesting its ownership of Colonial to Japan’s Mitsubishi UFJ Trust and Banking Corp.

Reporting by Rashmi Ashok in Bengaluru Editing by Chris Reese

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