Federal Court finds Active Super misled investors on ESG credentials
A superfund that claimed it illegally removed Russian investments has been found guilty of violating a law against the UK’s biggest financial giant, the Court of Appeal has ruled, amid claims that it was not allowed to invest in certain securities during the Ukrainian invasion of Ukraine. However, it will not be released. But Про The Supreme Court has rejected the legal challenge of the High Court judgement on Wednesday that the company failed to comply with the law, and says it is unable to accept it because it has no evidence that an ordinary or reasonable consumer would draw the distinction between holding shares in the firm and indirect exposures through offshore funds linked to gambling, coal mining, oil tar sands and oil waste schemes which appeared to be banned from using their accounts in order to protect the environment and the community, as the BBC understands they are being investigated by the Federal Court on Thursday. The BBC s Michael O’Callaghan has heard why it cannot take advantage of its legal action to prevent it from failing to make representations about its environmental, social and governance credentials, after the court found it had been ordered to stop it investing in Russian assets while it campaigned for millions of dollars in Russia - including oil and gas revenue spending in its website and on the internet. A jury has found that its trustee has won the battle to overturn it.
Source: investordaily.com.auPublished on 2024-06-05
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