Australian Securities and Investments Commission v Active Super (LGSS Pty Limited ACN 078 003 497 as trustee for Local Government Super ABN 28 901 371 321)
COURT OR TRIBUNAL
Federal Court of Australia
DATE FILED (OR FIRST HEARING DATE)
10/08/2023
LITIGATION TYPE
Corporate Accountability
SUBJECT MATTER
Transparency/disclosure
REVIEW TYPE
N/A
SUMMARY
(Extract from website)
“ASIC has commenced civil penalty proceedings in the Federal Court against LGSS Pty Limited (Active Super) alleging misleading conduct and misrepresentations to the market relating to claims it was an ethical and responsible superannuation fund. Active Super represented on their website that they eliminated investments that posed too great a risk to the environment and the community, including tobacco manufacturing, oil tar sands and gambling. Active Super also stated that they had added Russia to their list of excluded countries, following the invasion of Ukraine...From 1 February 2021 to 30 June 2023, ASIC alleges that Active Super held 28 holdings, either directly or indirectly, which exposed members to securities it claimed to restrict.”
CASE DOCUMENTS
NSD847/2023 Australian Securities and Investments Commission v LGSS Pty Limited ACN 078 003 497 as trustee for Local Government Super ABN 28 901 371 321
ASIC media release
RELATED CASES
JUMP TO CASE: