February 28, 2020 / 8:17 AM / in a month

NAB fund trustee to contest class action alleging excess fees

Feb 28 (Reuters) - National Australia Bank’s superannuation fund trustee denies allegations of overcharging and will contest the latest class action against the fund, the bank said on Friday.

The lawsuit was brought by IMF Bentham and William Roberts Lawyers over MLC Super Fund trustee NULIS Nominees’ decision to maintain commission arrangements for former members of The Universal Super Scheme when transferred to the MLC Super Fund.

The claim alleges that NULIS levied excess fees to pay commissions and other fees to advisers and in doing so breached its obligations to the members of the fund, the law firm said on its website.

NULIS became trustee of MLC Super Fund in mid-2016 after a reorganisation of the superannuation fund structures, which led to a transfer of members to MLC.

In a statement on Friday, NAB said that NULIS denies the allegation and is defending the class action.

The lawsuit follows Maurice Blackburn’s class action against NULIS Nominees and MLC Nominees in January on behalf of more than 330,000 account holders.

Reporting by Shreya Mariam Job in Bengaluru Editing by David Goodman

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