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Mercer to pay $11.3m penalty in ASIC’s first greenwashing case

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Mercer is expected to pay an $11.3 million penalty under a proposed settlement with the corporate watchdog in a landmark case alleging the retail superannuation giant misled members about the sustainability of its investments.

The fine, which is still subject to Federal Court approval, would be the first handed down in a greenwashing court action in the financial services industry in Australia.

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Hannah Wootton is a reporter for the Financial Review. Connect with Hannah on Twitter. Email Hannah at hannah.wootton@afr.com

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    Original URL: https://www.afr.com/companies/financial-services/mercer-to-pay-11-3m-fine-in-asic-s-first-greenwashing-case-20231207-p5eps7