Maurice Blackburn has filed a class action against National Australia Bank (NAB) in the Victorian Supreme Court, claiming that two of NAB's super trustees breached their duties and failed to act in the best interests of clients.
The class action alleges that two NAB trustees, MLC Nominees and NULIS Nominees, left clients ‘idling in products’ with higher fees and commissions to financial advisers.
Andrew Watson, head of class actions at Maurice Blackburn, commented on this case: “This is another regrettable case of mismanagement in the superannuation sector.”