(Updates with detail on regulator's allegations and context)
Aug 11 (Reuters) - The Australian securities regulator said on Friday it filed a lawsuit against Active Super, accusing the superannuation fund of misleading its members about its ethical and environment-friendly investments.
Active Super has stated on its website it no longer had investments that pose a risk to environment and community, including in tobacco manufacturing, oil tar sands, and gambling, the Australian Securities and Investments Commission (ASIC) said.
The regulator, however, alleged that between February 2021 and June 30 this year, Active Super held 28 direct and indirect investments that exposed its members to financial products the company claimed it did not invest in.
Active Super, which has about A$13.5 billion ($8.80 billion) in superannuation assets and has 89,000 members as of July 1, did not immediately respond to a Reuters request for comment.
The regulator listed out some of Active Super's holdings during this period, including Amcor Plc 485.F , which packages tobacco, Russian gas giant Gazprom GAZP.MM , coal miner Coronado Global Resources (CRN) , among others.
ASIC has been stepping up action against Australian firms that it believes exaggerate claims over their environment-friendly investments and financial products, called "greenwashing".
($1 = 1.5344 Australian dollars) (([email protected]; Twitter: https://twitter.com/sameer_manekar))
(Updates with detail on regulator's allegations and context)...
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