Slater & Gordon secured the third settlement in the Get Your Super Back with Australian and New Zealand Banking Group (ANZ) and its former subsidiaries, OnePath Custodians (OPC) and OnePath Life Limited (OPL) – now Zurich Australia Limited.

ANZ, OPC, and OPL have denied any liability, with the settlement achieved on a “no admissions” basis.

In a statement, the major bank said it would contribute $14 million.

Kirsten Morrison, Slater & Gordon practice group leader, said the firm was pleased with the result.

“It also demonstrates the importance of the class action regime, which has enabled two lead applications to represent thousands of other group members who otherwise may not have known about these issues,” Morrison said.

The class action alleged OPC breached its duties as trustee by investing members’ superannuation funds in cash investment options with ANZ at rates for members that were lower than those offered to other depositors with no ties to ANZ.

“This settlement further strengthens the momentum of the Get Your Super Back Campaign and reflects Slater and Gordon’s commitment to protecting the interests of millions of superannuation members,” it said.

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The settlement is subject to court approval but will entitle thousands of ANZ or OnePath superannuation members or pension account holders to compensation if they have registered with the firm.