Iress faces legal action from ESSSuper
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The news: Financial services software company Iress is facing Federal Court action from Emergency Services Superannuation Board (ESSSuper), according to an ASX announcement.
The context: Iress said the lawsuit is linked to an existing dispute between the companies linked to their Platform Services Agreement.
The case was filed before the courts on Thursday.
In a statement to media, board president and chair of ESSSuper Joan Fitzpatrick said Iress was contracted to provide technology systems to assists the ESSSuper to administer the fund.
"Since entering into the contract, there have been numerous incidents and breaches by Iress which ESSSuper has sought to have rectified through direct engagement and through using the dispute mechanism clauses in the contract.
"ESSSuper members have been significantly inconvenienced. ESSSuper has suffered loss and damage as it has been forced to spend time and money, and engage third parties, to rectify the incidents and breaches caused by Iress," Fitzpatrick said.
In 2023, it was reported that an Iress reporting error impacted 9% of ESSSuper's defined benefit members.
Law firm Gilbert + Tobin is acting for ESSSuper.
The source: ASX
