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2
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· Posted on
February 21, 2024

QSuper are facing a 140,000-strong class action

QSuper members say they were overcharged mandatory life insurance premiums.

What's the key learning?

  • QSuper are a Queensland-based not-for-profit super fund facing a 140,000-strong class action
  • A class action is where a group of people with a legal claim join forces against a business or person.
  • Class actions are popular as they are often quicker and cheaper than regular lawsuits.

Background: QSuper are a Queensland-based not-for-profit industry super fund. They were previously a super fund just for the state's government employees...but this changed in 2017.

What happened: Fast-forward to now, and the super fund is facing a class action from 140,000 of its members. They're alleging they were overcharged mandatory life insurance premiums.

What else: These premiums were forced on members through QSuper's for-profit life insurance biz, QInsure Limited. Sneaky sneaky.

So what's the key learning?

💡A class action is where a group of people with a legal claim join forces against a business or person.

💡There are a couple of reasons why people pursue class actions as opposed to pursuing a legal case on their own:

  1. It's quicker - rather than each individual pursuing their own case...they can smack it out the park in one go.
  2. It's cheaper - lawsuits are super expenny. So, by joining with a group of people, you can share the cost.

💡It's fair to say the 140,000 QSuper members would be hoping to (at least) be compensated for the payments...and then some.

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