Macquarie Group Ltd (ASX: MQG) shares are moving higher on Thursday.
This comes despite another legal headache returning to investors' radar after appearing largely settled.
At the time of writing, the investment bank's stock is up 0.81% to $241.76.
That still leaves the stock down almost 8% over the past month, although it remains around 19% higher in 2026.
So, what's going on?
Image source: Getty Images
What is the new claim about?
According to The Australian, Gordon Legal has launched a class action in the Supreme Court of Victoria against Macquarie Investment Management.
The action involves Rachelle Dessent and around 2,800 account holders who invested in the Shield Master Fund through Macquarie's platform.
Macquarie agreed last September to compensate affected investors for the money they had put into Shield.
Around $480 million was invested in the fund between 2022 and its closure in 2024, with roughly $321 million coming through Macquarie's platform.
But Gordon Legal says getting the original investment back doesn't necessarily cover everything investors lost.
It says some investors potentially missed out on returns their superannuation could have earned if the money had been invested elsewhere.
Furthermore, the claim is also seeking compensation for the distress investors allegedly suffered.
Gordon Legal partner James Naughton told The Australian that some investors "have not been fully compensated for all their losses, even if they have already received payouts".
Why is Shield still causing problems?
Shield was available through Macquarie's superannuation platform from early 2022 until investments were stopped in 2023.
The fund later collapsed and was put into liquidation, leaving thousands of investors facing losses.
That ultimately left Macquarie facing regulatory action over the issue.
Last year, ASIC took Macquarie Investment Management to court after the company admitted it failed to place Shield on a watch list for extra monitoring.
Macquarie later agreed to pay around $321 million to roughly 3,000 affected investors.
What should investors watch?
At this stage, there's no telling how much more this could end up costing Macquarie.
Gordon Legal is seeking further compensation, but no dollar figure has been put on the claim just yet.
Evidently, that makes it hard to know whether this could become another sizeable cost or something Macquarie can absorb easily.
Nonetheless, investors don't seem too worried today, with the shares still trading slightly higher.
I'd be watching how the case develops and whether Macquarie ends up facing another sizeable payout over the Shield collapse.
