Tag #First Super

What specific financial actions did Michael O'Connor take that allegedly harmed First Super members and what was the financial impact?

The Australian Prudential Regulation Authority (APRA) is suing Michael O'Connor, a union secretary and superannuation fund director, for allegedly misusing his position to benefit his union, the CFMEU. O'Connor is accused of raising the contract fee between his union and First Super, secretly negotiating on behalf of the union, and using fund money to pay a union employee who primarily performed union work. This resulted in a 5% fee hike and a $350,000 one-time payment to the CFMEU.