The Australian Securities and Investments Commission (ASIC) has launched legal action against AustralianSuper, the country's largest superannuation fund, over its failure to process death benefit claims fairly and efficiently and in a timely manner.

The corporate watchdog confirmed on Wednesday that it is suing AustralianSuper in the Federal Court for delays in processing nearly 7,000 claims. The regulator stated that from July 1, 2019, to Oct. 18, 2024, the fund took between four months and four years to assess these claims.

In some cases, AustralianSuper took years to process claims. For example, it took one........

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