Regulatory Alerts2025-08-26
ASIC sues Equity Trustees alleging due diligence failures relating to Shield
The Australian Securities and Investments Commission has commenced civil penalty proceedings against Equity Trustees Superannuation Limited for alleged failures in due diligence regarding the Shield Master Fund. ASIC alleges the trustee breached its statutory duties by allowing approximately $160 million of retirement savings to be invested in the unproven fund, resulting in eroded member balances. The regulator is seeking declarations, civil penalties, and compensation for losses from the Federal Court as part of its broader investigation into the scheme.
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