Macquarie Group Ltd. will pay back around A$321 million ($211 million) that thousands of Australian retirement savers put into a now-collapsed fund offered via its platform.
The Australian Securities and Investments Commission began court proceedings against Macquarie’s investment management unit following admissions that it didn’t act efficiently, honestly and fairly, according to a statement from ASIC Thursday. The firm failed to put the Shield Master Fund on a list for heightened monitoring, ASIC said.