Netwealth to defend class action

Key points

• Netwealth subsidiaries served with class action claim
• Claim relates to First Guardian investment options
• Company to defend the claim vigorously

Full summary

Netwealth Group Limited (Netwealth) has announced that its subsidiaries, Netwealth Investments Limited and Netwealth Superannuation Services Pty Ltd, have been served with a Statement of Claim for a class action related to the offering and monitoring of certain First Guardian investment options available through the Netwealth Superannuation Master Fund. The claim is connected to issues previously addressed through Netwealth's court-enforceable undertaking with ASIC and a compensation program completed in January 2026, which saw the company pay approximately $101M to affected members.

Outlook

Netwealth intends to defend the claim vigorously.