Regulatory Alerts2025-12-09
ASIC sues Diversa Trustees over First Guardian Master Fund failures
ASIC has commenced civil penalty proceedings in the Federal Court against Diversa Trustees Limited, alleging failures in due diligence and monitoring regarding the First Guardian Master Fund. The regulator claims the trustee allowed approximately $300 million in superannuation investments to proceed without adequate checks or enforcement of holding limits, breaching statutory duties of care and prudence. ASIC is seeking compensation, declarations, and civil penalties to hold the trustee accountable for losses associated with the fund's collapse.
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