In recent news, Shine Lawyers has filed a class action lawsuit against QSuper, the non-profit industrial fund company that oversees state employees’ retirement savings in Queensland, Australia. The lawsuit is on behalf of several fund members who were unfairly overcharged excessive premiums for life insurance contracts.
QSuper established a for-profit subsidiary in 2016, mandating clients to purchase life insurance through it. However, the company overcharged its clients for the mandated life insurance premiums, leading to the lawsuit. This article informs audiences about the Shine Lawyers Qsuper Scam and recent claims for a fund-based non-profit organization.
QSuper’s Breach of Obligations
QSuper has been accused of breaching its obligations by unfairly overcharging its clients for life insurance premiums. According to the Financial Complaints Authority of Australia, QSuper overpriced a member, Tommy Lam, a medical doctor, for life insurance protection by classifying him as a blue-collared worker instead of an expert worker. As a result, he was not eligible for a lower premium.
Shine Lawyers capitalized on this finding and filed a class action lawsuit against QSuper on behalf of several fund members who were unfairly overcharged for life insurance contracts. QSuper’s overcharging of premiums breached its obligations to provide its clients with fair and reasonable insurance contracts.
QSuper’s Fresh Fee for Penalties
Only a few weeks ago, QSuper became the initial fund supported by a union and its employees to be granted permission to impose a fresh fee on customers to cover fines and penalties issued by the courts. The Federal Court case was filed on behalf of approximately 140,000 QSuper members. However, QSuper is not a scam.
ATO Investigation into QSuper’s Dividend-Eliminating Plan
QSuper is also facing an eventual fine related to an ATO investigation into an alleged 200 million USD dividend-eliminating plan. While this investigation is ongoing, the class action lawsuit filed by Shine Lawyers might be the first to put the new Section 56 amendments of the government to the assessment, which forbade the member savings usage to cover monetary penalties.
Joining the Class Action of QSuper
If you possess an Accumulation Account in QSuper Fund as of May 17, 2016, and are qualified for White Collar Rates, Professional Rates* (Fund Member), or Standard Rates, you might be eligible to join the class action lawsuit filed by Shine Lawyers.
Additionally, if you are functioning in a decedent Fund Member’s place, received money from an expired fund member after July 1, 2016, or got a transfer from a fund member by a judgment or agreement reached in a Family Law Act 1975 (Cth) case, you might also be eligible for compensation.
QSuper urges you to express involvement in the Class Action of QSuper if you meet the above criteria.
Quick Wiki of QSuper
QSuper is a superannuation fund-based company that oversees state employees’ retirement savings in Queensland, Australia. It was established in 1912 and is currently known as the Australian Retirement Trust. The company has a 15-year Platinum rating. It is based in Brisbane, Queensland.
Final Thoughts
In conclusion, the Shine Lawyers Qsuper Scam has brought attention to allegations of excessive premiums charged by QSuper, a non-profit industrial fund company in Australia. The class action lawsuit filed by Shine Lawyers on behalf of QSuper fund members has shed light on the company’s practices regarding mandatory life insurance premiums and the establishment of a for-profit subsidiary in 2016.
While QSuper is not a scam, it has faced scrutiny over alleged breaches of obligations, including overcharging members for life insurance and an ATO investigation into a dividend-eliminating plan.
If you are a QSuper fund member who meets the eligibility criteria, you may be eligible for compensation through the class action lawsuit. It is essential to stay informed and understand your options if you believe you have been wrongfully overcharged or misled by QSuper.
As with any legal matter, it is crucial to seek professional advice and carefully consider the facts before taking any action. The Shine Lawyers Qsuper Scam serves as a reminder of the importance of transparency, accountability, and responsible business practices, especially for non-profit organizations that manage retirement savings and investments.
#BreakingNews Shine Lawyers has launched a class action on behalf of QSuper members, alleging they were overcharged for life insurance policies. The company is accused of breaching its obligations to notify its members of changes to premiums. https://t.co/xeg3PoYBAE pic.twitter.com/p8ZPzLPItU
— Shine Lawyers (@ShineLawyers) November 25, 2021
What is the Shine Lawyers QSuper Scam, and what does it allege about QSuper’s practices?
The Shine Lawyers QSuper Scam is a class action lawsuit filed by Shine Lawyers against QSuper, a non-profit industrial fund company in Australia. The lawsuit alleges that QSuper overcharged its clients for mandatory life insurance premiums, which it compelled them to purchase through a for-profit subsidiary it established in 2016.
The lawsuit also claims that QSuper misclassified one of its members, a medical doctor named Tommy Lam, as a blue-collared worker instead of an expert worker, which resulted in him being overcharged for life insurance protection.
How has QSuper faced scrutiny over alleged breaches of obligations, and what investigations have been launched into the company?
QSuper has faced scrutiny over alleged breaches of obligations, including overcharging its members for life insurance and an ATO investigation into a dividend-eliminating plan. The Financial Complaints Authority of Australia found that QSuper overpriced a member, Tommy Lam, for life insurance protection by misclassifying him as a blue-collared worker instead of an expert worker, who should have been eligible for a lower premium.
The ATO investigation into QSuper’s alleged dividend-eliminating plan is related to a potential breach of obligations related to tax avoidance. Additionally, QSuper became the initial fund supported by a union and its employees to be granted permission to impose a new fee to cover fines and penalties issued by the courts, which has also drawn scrutiny.
Who may be eligible for compensation through the class action lawsuit filed by Shine Lawyers on behalf of QSuper fund members, and what steps should individuals take if they believe they have been wrongfully overcharged by QSuper?
Individuals who possess Accumulation Account in QSuper Fund as of May 17, 2016, and are qualified for White Collar Rates, Professional Rates* (Fund Member), or Standard Rates, functioning in a decedent Fund Member’s place, or who have received money from an expired fund member after July 1, 2016, or received a transfer from a fund member by a judgment or agreement reached in a Family Law Act 1975 (Cth) case, may be eligible for compensation through the class action lawsuit filed by Shine Lawyers on behalf of QSuper fund members. To determine eligibility and express involvement in the Class Action of QSuper, individuals should contact Shine Lawyers or seek legal advice.
