ASIC will take action against Cbus Super over the delayed payments of death and disability benefits to around 10,000 members.
The corporate regulator ASIC is suing industry superannuation fund Cbus for failing to process more than 10,000 death and disability claims in a timely way.
The Australian Securities and Investments Commission is alleging that payments from more than 6,000 of those claims have been delayed by more than a year. It says the financial loss to members could top $20 million and has launched legal action in the Federal Court seeking penalties and other compliance orders.
In a statement, Cbus has apologised for the delays and says it has established a compensation program. It also says it will ask ASIC to engage in alternative dispute resolution to avoid lengthy litigation.Photo shows Eleanor Bryant, who was killed when a truck crashed into a Victorian preschool, pictured smiling at the races.Photo shows A man in a black suit and a yellow tie stands at a podium, addressing the press and gesturing to the crowd.
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