EQT Holdings (ASX:EQT) shares rose nearly 1% in recent trading on Monday after Equity Trustees claimed in a defense filed with the Federal Court that the Australian Prudential Regulation Authority's (APRA) guidelines were "not fit for purpose for superannuation platforms," according to a Friday report by The Australian.

Australian Securities and Investments Commission (ASIC) sued the Equity Trustees unit earlier, alleging failures to meet due diligence and monitoring standards when offering or increasing exposure to the failed Shield Master Fund on a superannuation platform.

Equity Trustees also claimed that losses to members were caused by the alleged wrongdoing of financial advisers, "but ASIC has not sought compensation from any of those parties despite having taken action against most of them in respect of Shield."

It added that if ASIC had warned the firm about its concerns regarding the fund when they first came to light in 2023, it would have pulled the product from its platforms, and the members "would not have suffered the losses that are now claimed."