ASIC sues Mercer Super for $70 billion fund's failure to report serious issues and misleading info.

Australia's corporate watchdog, ASIC, is suing Mercer Super, a $70 billion superannuation fund, for failing to report serious issues like incorrect insurance refunds for deceased members. ASIC alleges that Mercer Super provided misleading information and had inadequate systems for complying with reporting laws. This lawsuit is part of ASIC's efforts to improve trustee practices.