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Australia's Corporate Regulator Takes Legal Action Against Equity Trustees Over Collapsed Fund

Australia's Securities and Investments Commission filed suit against Equity Trustees Superannuation Ltd., alleging the firm failed to conduct adequate due diligence before listing a failed investment vehicle on its platform. The regulator claims Equity Trustees did not obtain audited financial statements or other critical documentation before allowing the First Guardian Master Fund to be offered to approximately 2,700 members. ASIC says the trustee proceeded despite indications the fund faced serious liquidity constraints. The collapse has affected thousands of retirement savers who invested through the platform.