• ASIC amends claim to include compensation for members of AMG Super and Super Simplifier platforms
• ETSL maintains it acted in accordance with fiduciary duties and obligations
• ETSL to defend proceedings, potentially seeking court orders for other parties to pay compensation

EQT Holdings Limited (ASX: EQT) has provided an update on the Federal Court proceedings initiated by the Australian Securities and Investments Commission (ASIC) against its wholly owned subsidiary, Equity Trustees Superannuation Limited (ETSL). ASIC has now amended its Statement of Claim against ETSL to include a claim for compensation orders for losses incurred by members of the AMG Super and Super Simplifier platforms who invested in the Shield Master Fund, in addition to its initial claim for civil penalties and legal costs. ETSL maintains that it has acted in accordance with its fiduciary duties and obligations under the Corporations Act and the Superannuation Industry (Supervision) Act, and therefore intends to continue to defend the proceedings, including potentially by seeking court orders that other parties pay compensation to members. The total investment in the Shield Master Fund for the two superannuation funds for which ETSL is the trustee was recently revalued from $151 million to $78 million, indicating that the liquidators expect a material recovery of funds on behalf of members invested in the Shield Master Fund. ETSL continues to provide support services to impacted members and is assisting the liquidators of Shield in their efforts to recover value for members through the liquidation process and is considering other avenues of recovery for members.

As of 30 September 2025, the total investment in the Shield Master Fund for the two superannuation funds for which ETSL is the trustee was revalued from $151 million to $78 million, a differential of $73 million.