Shield investors launch Macquarie class action

Gordan Legal 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 through on behalf of representative plaintiff Rachelle Dessent and approximately 2800 account holders who invested about $321 million of superannuation in Shield through Macquarie's superannuation platform.

Shield collapsed in late 2024 after significant investor funds were reportedly directed into risk property developments and other investments. Across the broader collapse, almost 6000 Australians were affected, with more than $620 million of superannuation invested in the fund, according to Gordan Legal.

Macquarie agreed in 2025 to compensate certain investors for the amounts they originally invested in Shield. However, Gordan Legal alleges that investors have not been compensated for the investment returns their superannuation may have generated had it remained invested elsewhere, or for the distress associated with the collapse.

The legal action alleges Macquarie failed to undertake appropriate due diligence and oversight before making Shield investment options available through its superannuation platform.

Dessent said she had trusted the Macquarie brand when making the investment.

"The blood just drained from my face when I first saw how my super had dropped," she said.

"I was absolutely gutted. I trusted the Macquarie brand, and I wouldn't have invested in Shield if I wasn't with them."

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."

The action may apply to investors who used Macquarie's superannuation platform to invest in Shield, including those who have already received a payout but believe it did not cover their full losses.