ASIC has won a Federal Court case against global investment giant Vanguard over allegations of greenwashing.
Greenwashing is a practice where companies overstate their green credentials or are unclear on the standards used to assess their product as environmentally friendly or socially responsible.
The Federal Court on Thursday ruled that Vanguard Investments Australia misled investors about certain environmental, social and governance exclusionary screens applied to investments in a Vanguard index fund worth more than $1 billion.
ASIC wins landmark first greenwashing case
On March 8, Vanguard admitted to engaging in conduct that was liable to mislead the public and that it had made representations that were false or misleading.
This civil case is ASIC’s first greenwashing court outcome.
The matter has been listed for further hearing on the first of August at which the Court will consider the appropriate penalty.
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