Investor Recovers $220,000 After Fund Collapse, Sparks Class Action

Graeme Dyall, 59, has recovered approximately $219,700 of his superannuation after investing in the Shield Master Fund, which collapsed in early 2024 along with the $1.1 billion First Guardian fund. The collapse had a devastating impact on Dyall's life, costing him his $125,000-a-year corporate job, his Melbourne lifestyle, and the future he had planned for retirement. He described experiencing anxiety, depression, and requiring hospital treatment due to the stress.

Dyall had invested his retirement savings after responding to a Facebook advertisement and was led to believe he was investing through Macquarie, a major financial institution. "I was sold it was Macquarie, a massive financial conglomerate from the start," Dyall told the Daily Mail. "It was disgraceful how Macquarie treated me."

Macquarie Investment Management Ltd (MIML), a subsidiary of Macquarie Bank, has admitted it failed to act "efficiently, honestly and fairly" by not placing Shield on a watch list for heightened monitoring. In September 2025, Macquarie agreed to reimburse investors 100% of their net capital invested in Shield through its platform. While Dyall has recovered most of his initial investment, he is pursuing further compensation for lost investment growth.

Dyall's experience is shared by an estimated 12,000 Australians who lost some or all of their retirement savings in the First Guardian and Shield collapses. Many of these investors are still awaiting resolutions and some are now reliant on the age pension.

A new class action lawsuit has been launched in the Supreme Court of Victoria by Melbourne law firm Gordon Legal on behalf of approximately 2,800 MIML-linked investors. The lawsuit alleges Macquarie failed to conduct adequate due diligence and oversight before allowing investments into Shield through its super platform. Gordon Legal argues that Macquarie's reimbursements do not fully compensate investors for potential investment returns that could have been earned elsewhere.

However, not all investors agree with the class action approach. Melinda Kee, founder of advocacy group SOS Save Our Super, supports pursuing compensation through the Australian Financial Complaints Authority (AFCA), which she believes offers a faster and less costly route. "AFCA is free and, for eligible unpaid determinations involving financial advice, the Compensation Scheme of Last Resort can provide compensation of up to $150,000," Kee stated. She cautioned that a class action offers no guarantee of recovery amount or timeline.

Andrew Grech, a partner at Gordon Legal, rejected these claims, arguing the class action may be the most effective avenue for compensation and warned of potential lengthy delays with AFCA. "For most Australians, superannuation is their most important asset," Grech said. "It's time for Macquarie to pay the full amount back."

The class action is being conducted on an opt-out basis, meaning eligible investors will be automatically included unless they choose to exclude themselves. Dyall, however, remains unconvinced, citing his approaching 60th birthday and concerns about additional legal and funding costs reducing payouts.

Despite the financial recovery and the ongoing legal action, Dyall has found a new perspective on life. He sold his Melbourne home and relocated to regional Victoria, where he works casually. "I'm probably happier now than what I was even before this started," he said.