Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Australian Securities and Investments Commission v Vanguard Investments Australia Ltd [2024] FCA 308 File number(s): VID 563 of 2023
Judgment of: O'BRYAN J
Date of judgment: 28 March 2024
Catchwords: CONSUMER LAW – alleged contraventions of ss 12DB and 12DF of the Australian Securities and Investments Commission Act 2001 (Cth) – investment fund titled and described as ethically conscious – where representations made by the responsible entity of the fund that securities held by the fund had been screened against environmental, social and governance criteria, but where the screening was limited to a subset of the securities held by the fund – where responsible entity admitted most allegations but disputed an allegation concerning the representations conveyed by the Product Disclosure Statements issued by the responsible entity and on the website operated by the responsible entity – whether representations conveyed that all securities held in the fund, or only securities issued by companies, were subject to research and screening against applicable environmental, social and governance criteria – declaratory relief granted
Legislation: Australian Consumer Law ss 18, 29 Australian Securities and Investments Commission Act 2001 (Cth) ss 12BAA, 12BAB, 12DB, 12DF, 12GBA, 322 Corporations Act 2001 (Cth) s 912C Federal Court of Australia Act 1976 (Cth) s 21 Trade Practices Act 1974 (Cth)
Cases cited: Australian Competition and Consumer Commission v Coles Supermarkets Australia Pty Ltd [2014] FCA 634; 317 ALR 73 Australian Competition and Consumer Commission v TPG Internet Pty Ltd (2020) 278 FCR 450 Butcher v Lachlan Elder Realty Pty Limited (2004) 218 CLR 592 Campomar Sociedad, Limitada v Nike International Limited (2000) 202 CLR 45 Damorgold Pty Ltd v JAI Products Pty Ltd [2014] FCA 448 Hornsby Building Information Centre Pty Ltd v Sydney Building Information Centre Ltd (1978) 140 CLR 216 King v Melbourne Vicentre Swimming Club Inc [2020] FCA 1639 N and E Bowder Pty Ltd v Australian Keg Company Pty Ltd (2014) 220 FCR 166 Self Care IP Holdings v Allergan Australia [2023] HCA 8; 97 ALJR 388
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