IOOF Holdings (ASX:IFL) has successfully fended off the proceedings brought by the Australian Prudential Regulation Authority (APRA) against two of its entities - IOOF Investment Management and Questor Financial Services.
The proceedings relate to alleged breaches of the Superannuation Industry (Supervision) Act 1993 (Cth).
The Federal Court of Australia held that these entities, and the five individuals named in the suit who were responsible persons of those entities at relevant times, did not contravene the Act.
The court awarded costs in IOOF’s favour.
IOOF is trading 6.7 per cent higher at $5.92.