Netwealth to defend First Guardian class action

Netwealth will defend a class action brought against it by Keily McCrosson, a boutique law firm based in Melbourne, around the collapse of First Guardian.

Netwealth said it subsidiaries Netwealth Investments and Netwealth Superannuation Services have been served with a Statement of Claim in connection with the offering and monitoring of certain First Guardian investment options available through the Netwealth Superannuation Master Fund.

"The claim relates to matters previously addressed through Netwealth's court enforceable undertaking with ASIC and the compensation program completed in January 2026," Netwealth said.

"Netwealth paid compensation of approximately $101 million to affected members reflecting the value of each member's net capital invested in First Guardian."

The proceedings have been brought on behalf of Natasha Langby, one of the account holders who invested in a First Guardian option through Netwealth Superannuation Master Fund.

The class action alleges the compensation by Netwealth did not cover all losses and seeks to recover the additional funds including interest, Keily McCrosson principal Laura Keily said.

Gordan Legal has also commenced a class action against Macquarie Investment Management, alleging the investors in the collapsed Shield Master Fund have not been fully compensated for losses affecting their retirement savings.

The proceedings have been brought on behalf of representative plaintiff Rachelle Dessent and approximately 2800 account holders who invested around $321 million in superannuation in Shield through Macquarie's superannuation platform.

Gordan Legal partner James Naughton, one of the lawyers leading the proceedings, said the case concerned the impact of lost retirement savings.

"For more Australians, superannuation is their most important asset," Naughton said.

"When your retirement savings are tied up in a failed investment, you miss out on funds that could be life changing. That's what happened in this case. It's time for Macquarie to pay the full amount back."

Last year, Macquarie and Netwealth both acknowledged their due diligence failed and decided to compensate members in full for their losses.

Macquarie and Netwealth have both remediated members with $321 million and $101 million in losses respectively.