On 20 September 2019, Justice Jagot, of the Federal Court of Australia, decided against the Australian Prudential Regulatory Authority (APRA) in it’s case against IOOF’s former Chief Executive Officer: Mr Chris Keleher and others. APRA bought this case following adverse findings, in the Hayne Financial Services Royal Commission, alleging that IOOF’s superannuation fund had done the wrong thing by getting members to compensate themselves, out of Fund reserves, for losses other IOOF entities had caused. APRA’s case was that IOOF should have compensated members out of shareholder funds and the trustee had not discharged its duties in the best interests of members. The Australian Financial Review have published some articles on this case also, on 23.9.19, 24.9.19 and 26.9.19.
See below for more details about this important case.