Former NAB trustees settle class action for $64 million

Former NAB trustees (NULIS Nominees and MLC Nominees) have reached an agreement with the plaintiffs of the MySuper class action commenced by Maurice Blackburn to settle for a total of $64.25 million.

The class action was announced to the ASX by Insignia Financial who acquired the trustees from National Australia Bank in May 2021.

While they are no longer part of the NAB group of companies following completion of the acquisition, the bank remains liable for the costs associated with both class actions, including the agreed settlement amount less any related tax benefit obtained by Insignia.

The settlement, which is subject to court approval, will be made without any admission of liability or wrongdoing by the trustees.

The class action was filed in January 2020 and relates to historical issues regarding the timing of transfers in 2016 and 2017 of accrued default amounts to a MySuper product.