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.
The corporate regulator has outlined its enforcement priorities for next year, and top of the hit list will be businesses that exploit cost of living pressures.
The prudential regulator has filed court action against First Super co-chair and CFMEU manufacturing division boss Michael O’Connor, alleging he breached his director’s duties under superannuation laws when he hired a union official to work for the fund.
A unit of Insignia Financial, formerly IOOF, has paid $10.7 million in infringement notices for allegedly failing to put members’ default superannuation contributions into MySuper products.