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.
The judge overseeing a consumer class action against wealth manager Colonial First State Investments has given the green light to a $100 million settlement, but questioned a $23.1 million cut to funder Augusta under a “strange” funding agreement.
The auditors of self-managed superannuation funds that clients of Melissa Caddick invested with the Sydney fraudster and her company Maliver have hit back at class action claims, saying the clients have themselves to blame for handing over “direct control” of their funds.
Australians who sank $21.2 million into crypto firm NGS Crypto, including their retirement savings, may have been misled about the safety of their investments, according to an investigation by the Australian Securities and Investments Commission.
Transport workers have lodged a $40 million class action against one of the country’s largest super funds for allegedly miscalculating their superannuation entitlements.
REST Super faces a class action alleging the supererannuation trustee deducted premiums for income protection insurance that provided no benefit to members.
Former ANZ superannuation trustee OnePath Custodians has been hit with a $5 million penalty for charging superannuation members more than $4 million in fees that it was not entitled to.
A judge has reluctantly granted extensions in a class action over QSuper’s alleged failure to notify members of changes to its premiums, saying the delay in the two-year old case was “very disappointing”.
The receivers of Sydney fraudster Melissa Caddick’s estate have reached an agreement with her husband on a small pool of remaining assets in dispute that will see half of her teenaged son’s sneaker collection sold to repay defrauded investors.
AustralianSuper has admitted that it contravened superannuation regulations when it failed to merge the accounts of members who had multiple accounts, but says it has remediated affected customers more than $69 million.