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Gordon Legal is seeking to secure compensation for the 2,800 account holders whose superannuation took a hit with the collapse of Macquarie’s Shield Master Fund.
While some account holders of Macquarie Investment Management Limited’s Shield Master Fund were compensated following its collapse in late 2024, Gordon Legal said many have still suffered from the loss of potential retirement savings.
More than $480 million was impacted by the collapse, which followed the revelation that Shield Master Fund had invested the money in risky property developments and other investments.
Investors have not been compensated for the growth their superannuation may have received if the funds were invested elsewhere during that time, the class action will allege.
Gordon Legal partner James Naughton said those whose savings were tied up in Shield Master Fund’s failed investments have missed out on “funds that could be life changing”.
“It’s time for Macquarie to pay the full amount back,” he said.
The Australian Securities and Investments Commission (ASIC) is conducting multiple investigations into the conduct connected to the collapse and has taken court action to preserve any remaining assets of Keystone Asset Management.
Through its Take Your Super Back website, ASIC encouraged investors to make a complaint to the Australian Financial Complaints Authority (AFCA) before 1 July 2027, citing upcoming changes to the amount of money people can claim from the Compensation Scheme of Last Resort.
Rachelle Dessent, lead plaintiff, has alleged Macquarie failed to conduct appropriate due diligence and oversight before allowing investments into Shield via its super platform.
“The blood just drained from my face when I first saw how my super had dropped,” Dessent said.
“I was absolutely gutted.
“I trusted the Macquarie brand, and I wouldn’t have invested in Shield if it wasn’t them.”
