If the current controversies and challenges surrounding embattled wealth giant IOOF aren't bad enough, it's about to get worse.

Besides battling a shattered reputation and a legal action brought by the prudential regulator against five executives and directors, including IOOF boss Chris Kelaher and chairman George Venardos, which wants them banned from acting as super trustees for allegedly not working in the best interests of members, another legal case is quietly bubbling away.