The corporate watchdog is suing Equity Trustees for alleged due diligence failures concerning the Shield Master Fund, alleging the company failed in its duty to protect members’ retirement savings.

The Australian Securities and Investments Commission (ASIC) on Tuesday announced civil penalty proceedings in the Federal Court against Equity Trustees Superannuation Limited, which oversaw about $160 million in super investments into Shield across 2023 and 2024.

ASIC deputy chair Sarah Court said the case marked the next step in the regulator’s investigations into collapsed funds that may have left thousands of Australians facing devastating losses.

Shield, along with another failed scheme called First Guardian, promised investors diversified assets and better returns than industry super fun

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