Australia's corporate regulator launched legal action against pension fund Mercer Superannuation on Tuesday, accusing it of misleading members about the sustainability of some of its investment options.The Australian Securities & Investments Commission's (ASIC) said this was its first court action allegin
Australia's corporate regulator launched legal action against pension fund Mercer Superannuation on Tuesday, accusing it of misleading members about the sustainability of some of its investment options.
Mercer said in a statement that it has cooperated with ASIC throughout its investigation and that it would be inappropriate to comment further as the matter is now before the courts. The investment options also listed holdings in 15 alcohol production companies, including Budweiser Brewing Company APAC Ltd, Carlsberg AS, Heineken Holding NV and Treasury Wine Estates Ltd, and 19 companies involved in gambling, including Aristocrat Leisure Limited, Caesar's Entertainment Inc, Crown Resorts Limited and Tabcorp Holdings Limited.
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