Macquarie Investment Management has pledged to repay $321 million to thousands of Australians who invested hundreds of millions of dollars from their retirement savings in the collapsed Shield Master Fund.

The company acknowledged it breached the Corporations Act.

The Australian Securities and Investments Commission has launched proceedings in the Federal Court against Macquarie after the subsidiary admitted to the failings.

ASIC has also accepted a court-enforceable undertaking from Macquarie to ensure members are paid back their invested amounts in Shield in full, minus any withdrawals.

But ASIC said it would not seek a civil penalty for the breach, citing Macquarie’s “level of co-operation” and other factors.

Macquarie has also agreed to improve the investment governance on its wra

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