Vanguard set to secure partial court win on ASIC greenwashing allegations
A federal court judge has described ASIC's arguments against the index fund giant as "misconceived and completely wrong".
Index funds management titan Vanguard has admitted to large chunks of misleading and deceptive conduct allegations set against it by the corporate regulator in a closely watched "greenwashing" enforcement lawsuit.
But on some minor points, the fund was at loggerheads with the securities regulator, ASIC. And on those points, it looks set to have won.
Vanguard has already admitted to misleading conduct linked to a number of claims linked to its Ethically Conscious Global Aggregate Bond Index Fund, but was contesting allegations linked to product disclosure statements over the screening of companies and securities tied to the fund and whether its statements suggested screening took place in relation to "all securities."
In a half-day court hearing in Melbourne on Friday, Federal Court of Australia Judge Michael O'Bryan was critical of the regulator's arguments. O'Bryan hasn't handed down final declarations on his decision today, but has given a clear signal in Vanguard's favour on today's contested points.
