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flag Macquarie was censured for failing to monitor the Shield Master Fund, breaching superannuation laws.

flag Macquarie Investment Management Limited has been formally censured by the Federal Court for failing to monitor the Shield Master Fund closely between 2022 and 2023, despite warning signs and around 3,000 members having $321 million invested through its super platform. flag The court ruled the failure to escalate the fund for enhanced oversight breached the Corporations Act. flag ASIC, which brought the case, did not seek a financial penalty, citing Macquarie’s swift repayment of all funds by September 2025. flag The decision underscores the legal duty of super trustees to actively monitor investment options. flag ASIC continues investigating related parties in the Shield and First Guardian fund collapses, with ongoing cases against Equity Trustees and Diversa Trustees, while Netwealth recently settled for over $100 million.

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