Super trustee Retail Employees Superannuation has paid two infringement notices after ASIC alleged it misled over 2,000 members after inadvertently activating insurance cover.
ASIC has confirmed it is investigating at least one ratings house which said Keystone’s failed Shield Master Fund was of ‘investment grade’, as the corporate watchdog seeks to claw back $480 million in investor funds.
Mercer Super faces enforcement action by ASIC, alleging the superannuation giant failed to inform the watchdog about investigations into serious issues, including a failure to refund premiums to dead members.
US private equity firm KKR will acquire agriculture infrastructure firm ProTen from superfund Aware Super, in a deal valued at around $1.3 billion.
A $67 million settlement has been reached in a class action alleging Queensland-based superannuation fund QSuper overcharged members for life insurance premiums.
A court has approved a $64 million settlement in a consumer class action against the NAB units MLC Trustees and NULIS Nominees, with 69 per cent of the settlement sum to go to group members.
The trustee for Active Super has been ordered to pay a $10.5 million penalty for misleading members about its investments in gambling, oil tar sands and Russian companies.
The Australian Securities and Investments Commission has taken Australia’s largest super fund to court over alleged delays in processing almost 7,000 death benefit claims, which the fund has blamed on COVID-19.
A judge has hit AustralianSuper with a $27 million penalty for breaching superannuation rules requiring providers to consolidate customer accounts.
The trustees of super fund HESTA have agreed to make payments to two groups of members impacted by valuation decisions made at the start of the COVID-19 pandemic.