Australia's largest superannuation fund, AustralianSuper, was fined AU$27 million by the federal court on Friday for overcharging thousands of members a total of AU$69 million.

The fund failed to merge duplicate accounts, which led to financial losses for members over almost 10 years.

AustralianSuper manages over 3.5 million members and is responsible for 14.6% of all superannuation accounts in the country.

Misconduct and systemic failures

Justice Lisa Hespe, who ruled against AustralianSuper, said that the penalty reflected the seriousness of the fund's misconduct as it failed to act in the best financial interests of its members and broke their trust,

© International Business Times