EQT Holdings Limited (ASX: EQT), known as Equity Trustees, has updated the market regarding ongoing Federal Court proceedings initiated by ASIC against its subsidiary, Equity Trustees Superannuation Limited (ETSL). Equity Trustees, established in 1888, provides independent trustee and executor services and is now Australia’s leading specialist trustee company. The update refers to previous announcements made on 4 September and 26 August 2025.
The Australian Securities and Investments Commission (ASIC) has amended its Statement of Claim against ETSL. In addition to the initial claim for civil penalties and legal costs, ASIC is now seeking compensation orders for losses incurred by members of the AMG Super and Super Simplifier platforms who invested in the Shield Master Fund.
Mick O’Brien, a Director of ETSL, stated that the company intends to defend the proceedings, maintaining that ETSL acted in accordance with its fiduciary duties. O’Brien noted that ETSL may seek court orders for other parties to pay compensation to members, and that it was ETSL’s position that its actions were not the cause of member losses. He also noted that on 30 September 2025, the total investment in the Shield Master Fund was revalued from $151 million to $78 million; a $73 million differential. The revaluation was based on the midpoint of the valuation range set out in the Financial Position Report prepared by the liquidators of Shield.
Equity Trustees stated that ETSL continues to support impacted members and assist the liquidators of Shield in their efforts to recover value. The company is also considering other avenues of recovery for members. Equity Trustees has affirmed it will continue to keep the market informed in accordance with its continuous disclosure obligations.
