Australian Pension Mercer Fined $7.3 Million for Greenwashing
- ASIC took court action against Mercer Superannuation last year
- Regulator has been pushing investors to back up green claims
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Australian pension fund Mercer Superannuation Australia Ltd. was ordered to pay an A$11.3 million fine ($7.3 million) for greenwashing, bringing the corporate regulator’s first court action over the issue to a close.
The Australian Securities and Investments Commission launched the case in February last year, alleging Mercer misled investors in the marketing of some sustainable products. The Federal Court on Friday handed down its judgment and the fine, which the parties had agreed to at a previous hearing.