The case alleged that QSuper breached its obligations under the Corporations Act 2001 and the Superannuation Industry (Supervision) Act 1993) by failing to properly inform members of changes to their premiums.

The Federal Court action was filed prior to QSuper’s merger with Sunsuper to form Australian Retirement Trust (ART).

The settlement is without admission and subject to court approval.

It includes legal costs, disbursements and other class action-related fees.

Craig Allsopp, Shine Lawyers’ joint head of class actions, said the settlement brought “long-awaited relief” to affected members, many of which were government employees, teachers, doctors and other essential workers.

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In a statement, QSuper said it chose to settle the matter “to avoid the risk of costs from ongoing litigation”.

“The settlement will be paid from a reserve set aside by QSuper before the merger. Importantly, member accounts will not be impacted,” it added.

Alex Hickson, director of litigation funder Woodsford, said it was delighted to assist QSuper members to achieve redress.

“It is another example of the role that litigation funders like Woodsford play in promoting access to justice, and Woodsford was proud to support this important case,” Hickson said.