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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.
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.