Banton Group disclosed a potential class action against Macquarie Group (ASX:MQG) and EQT Holdings (ASX:EQT) in relation to investments in a fund established by bankrupt Keystone Asset Management, according to a notice on the law firm's website.

At least 5,800 customers invested more than AU$480 million in Keystone's Shield fund since February 2022, per the announcement. They accessed the fund via superannuation platforms managed by Macquarie Investment Management and Equity Trustees Superannuation.

Banton Group said the investors are likely to suffer "a substantial shortfall" and "significant losses" over the two trustees' alleged "breaches of applicable statutory provisions or duties they owed to their respective customers."

Investors have been barred from withdrawing funds from Shield since Feb. 5, 2024, after Keystone decided to suspend redemption. Keystone is in liquidation.

Macquarie Group and EQT Holdings did not immediately respond to a request for comment by MT Newswires.

Macquarie Group and EQT Holdings' shares were down 1% each in recent Friday trade.