Netwealth to Pay $67 Million Compensation After Fund’s Collapse

Australian investment platform Netwealth Group Ltd. will pay around A$101 million ($67 million) in compensation to more than 1,000 customers who invested their retirement savings into a now-failed fund.

The Australian Securities and Investments Commission said it has taken Federal Court action against the trustees of the Netwealth Superannuation Master Fund, Netwealth Superannuation Services and Netwealth Investments Ltd.