Law firm eyes First Guardian, Shield class action

Slater and Gordon Lawyers are investigating a potential class action on behalf of investors in First Guardian Master Fund and Shield Master Fund for allegedly operating a Ponzi scheme with thousands of Australians' superannuation savings.

- Eliza Bavin

Slater and Gordon principal lawyer in class actions Andy Wei said the firm is investigating claims that investors were advised to put their superannuation savings into largely unreliable funds.

"What we're seeing here is potentially deliberate misleading of investors, many of whom are everyday Australians looking to secure their nest eggs. They were repeatedly assured that their superannuation would flow into diversified portfolios with steady returns," Wei said.

"However, recent information shows that these funds were largely illiquid with their values grossly overstated."