An Australian super fund has been hit with a $10.5 million penalty for greenwashing.
The Federal Court found Active Super, formerly known as Local Government Superannuation Scheme, misled members and potential members by saying it had eradicated investments in gambling, coal mining and oil tar sands.
The fund also claimed to have eliminated Russian investments following the country's invasion of Ukraine.
https://www.9news.com.au/national/active-super-fined-superannuation-fund-fine-greenwashing/44d0470d-76ab-4ea7-9d45-9f5aeb678211
Justice David O'Callaghan found that between February 2021 and June 2023, Active Super actually held investments in these types of assets, including coal miners Whitehaven Coal and Coronado Global Resources. #greenwashing #auslaw #auspol #superannuation