Asic sues Mercer Super for allegedly ‘greenwashing’ fossil fuel and gambling investments

Corporate regulator claims the company misled members in a fund that promoted its sustainable credentials

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Corporate pension fund Mercer Superannuation misled members by investing in coal and other fossil fuels, along with alcohol and gambling stocks, in a fund that promoted its sustainable credentials, the corporate regulator has alleged.

The Australian Securities and Investments Commission has started legal proceedings against Mercer in its first court action over alleged greenwashing", a term that describes misleading claims made about a product's environmental and sustainable credentials.

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