Plaintiff lawyers Slater and Gordon has filed a class action against Westpac’s BT Funds Management and life insurance business.

The lawsuit alleges that BT Super breached the trust of members in its Super for Life cash-only investment option by investing their money through a third party, then allowing Westpac Life to keep up to half the investment returns for itself.

BT Super for Life members who held a cash-only investment option from October 29 2007 will be automatically included as a member. Slater and Gordon alleges that members potentially lost thousands of dollars from their retirement savings as a result of BT’s actions.

This is the third class action in Slater and Gordon’s Get Your Super Back campaign, having launched class actions against Colonial First State and AMP.

It also plans to launch class actions against retail super funds that are alleged to have “rorted the system to boost their own profits instead of looking after members”.

“This case is the latest in our wave of class actions to help get victims of ‘super cash rip-offs’ their money back,” the law firm says.