Australian watchdog sues Cbus for failing to process over 10,000 death and disability claims timely.

The Australian Securities and Investments Commission (ASIC) has taken Cbus, a major superannuation fund, to court for failing to process over 10,000 death and disability claims in a timely manner. More than 6,000 claims were delayed by over a year, resulting in a financial loss of $20 million for members. In response, Cbus has apologized and set up a compensation plan. ASIC is seeking penalties and compliance orders to protect affected members.

November 12, 2024
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