Equity Trustees has marked down the value of units held in the Shield Master Fund by as much as 75%, as victims petition the government for $5 million to start a recovery fund. The trust's legal objective would be to sue the platform trustees that allowed the products to be offered, Save Our Super said. It comes as Equity Trustees revealed more about the true financial position of Shield and First Guardian at the time of their collapse. In May 2024, the Shield fund claimed to have $525.3 million in net assets attributable to unitholders; last November, Deloitte said it was likely to be more like $205.8 million to $238.8 million. Equity Trustees said it could be 18 months before victims receive any distributions, and "the final distribution may take many years."