ASIC 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.

ASIC alleged Cbus had not processed more than 10,000 disability and death benefit claims in a timely manner, leaving more than 6500 members out of pocket. The fund self-reported losses to members of about $20 million last December, but in documents filed ...

Australia’s corporate watchdog is eyeing the superannuation industry and suspects massive delays to awarding payouts is broader than its case against the CFMEU-linked Cbus.

More than 10,000 members and claimants of the Construction and Building Unions Superannuation Fund (Cbus) were impacted by death benefits and total

Troubled industry fund Cbus is being sued by ASIC for repeated failure to handle death benefits and TPD insurance claims which has caused an estimated $20 million loss to claimants. It’s sparked calls from consumer groups and the opposition for the government to ramp up oversight of the sector.