Macquarie Group will pay $321 million to thousands of investors who lost their retirement savings in the collapsed Shield Master Fund after the investment bank admitted it broke the law by failing to place the fund on a watch list for increased monitoring.

The fund collapsed in 2024 owing 5,800 investors $480 million. The operators of the scheme and financial advisers who recommended it are accused of providing misleading and conflicted advice.

On Thursday, Macquarie admitted it did not fulfil its legal obligation to fairly provide financial services after allowing around 3,000 superannuation investors to put their savings into the fund through its online investment platform in 2022 and 2023.

In exchange for Macquarie agreeing to reimburse investors’ lost funds and admitting its fault,

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