Cbus agrees to $23.5M penalty and $32M in compensation for delayed death and disability claims affecting 7,402 people.

Superannuation fund Cbus has agreed to a $23.5 million penalty and $32 million in compensation after being sued by ASIC over systemic delays in processing death benefit and disability claims, affecting 7,402 people. The case, which alleged breaches of corporate law and failure to provide services fairly and promptly, highlights ongoing concerns about super fund accountability. Cbus also agreed to cover $500,000 in ASIC’s legal costs and has implemented reforms to improve claims handling. The settlement requires Federal Court approval.