(Reuters) -Australia’s Federal Court has ordered superannuation fund Cbus to pay an A$23.5 million ($15.17 million) penalty for serious failures in processing death and disability insurance claims, the country’s corporate regulator said on Tuesday.

The penalty was imposed against United Super Pty, the trustee of Cbus, after the fund admitted that systemic faults caused long delays in handling death benefits and total and permanent disability claims, said the Australian Securities and Investments Commission (ASIC).

The delays affected more than 7,000 members and claimants, according to ASIC.

Australia’s prudential regulator said in February that it would probe Construction and Building Unions Superannuation Fund (Cbus) over possible breaches of the superannuation industry law, with a foc

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