AustralianSuper Fined $27 Million After Error Costs Members $69 Million

Australia’s largest superannuation fund failed to inform members of duplicate accounts, leading to multiple fees and unnecessary charges.

New money at the Royal Australian Mint in Canberra, Australia on April 22, 2005 Mark Nolan/Getty Images

Australia’s largest superannuation fund, AustralianSuper, has been fined $27 million for failing to inform more than 90,000 members that they had duplicate accounts that should have been merged.

Federal Court Justice Lisa Hespe ruled that the company had contravened the Superannuation Industry Act, describing its lack of safeguards as “inexcusable.”