Mercer Superannuation has learnt the hard way not to lie about its green credentials.
The Australian Securities and Investment Commission (ASIC) has fined the company a whopping $11.3 million for ‘greenwashing’ its efforts for the environment in a landmark case.
That’s a lot of money, even for a company with $66.118 billion under management.
It was the first greenwashing case brought before the Federal Court.
The gist of it was Mercer had several superannuation products it claimed did not invest in environmentally controversial companies such as mining as well as alcohol and gaming companies. In fact, they were investing in all three.
Naughty.
Turns out telling a bold-faced lie will eventually catch up with you, well sometimes.
Mercer also had to pay ASIC’s costs. That’s gotta hurt, a bunch of highly-paid lawyers on each side probably cost as much as the fine itself.
Do you think this fine for fibbing is too much
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