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AAP

Tara Cosoleto

Australia's biggest super fund hit with massive fine

AustralianSuper Australia Federal Court Paul Schroder

AustralianSuper members lost $69 million over a decade through having multiple accounts. (Dean Lewins/AAP PHOTOS)

Australia's largest industry superannuation provider has been fined $27 million for failing to notify members of their duplicate accounts.

Federal Court Justice Lisa Hespe on Friday made the ruling against AustralianSuper, finding it contravened the Superannuation Industry Act.

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Top stories on inkl right now

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An 11-foot metallic structure found in a Stevens County cornfield is being examined by state and federal agencies, which have yet to determine its origin or ownership

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One subscription that gives you access to news from hundreds of sites

Already a member? Sign in here

Celebrated Singer Found 'Tied Up' at the Bottom of His Swimming Pool in 'Suspicious' Death

Gus Ormo's suspicious death is under investigation after the Venezuelan singer was found in a Florida pool amid an unconfirmed report of restraints.

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