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Vanguard faces penalties in first outcome of an Australian 'greenwashing' lawsuit

( March 28, 2024, 04:30 GMT | Official Statement) -- MLex Summary: Investment company Vanguard Investments Australia misled investors about its A$1 billion ($650 million) ethical bond fund, with an Australian court ruling today in favor of the corporate watchdog’s first outcome in a “greenwashing” lawsuit. Federal Court of Australia Judge Michael O’Bryan found that Vanguard's “Ethically Conscious Global Aggregate Bond Index Fund (Hedged)” was in fact linked to investments in oil and gas exploration. However, Judge O’Bryan rejected parts of the Australian Securities and Investments Commission case, in which the regulator alleged that Vanguard documents put to investors had been misleading. The court is expected to announce the penalty in July. The full ruling by the Federal Court of Australia is attached. ...

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