The applicant brought representative proceedings in the Federal Court. She alleged that the Commonwealth failed to disclose information relating to climate change connected with investment in exchange-traded Australian Government Bonds. The applicant sought a declaration that the Commonwealth engaged in and continues to engage in conduct that is misleading or deceptive or likely to mislead or deceive in breach of s 12DA(1) of the Australian Securities and Investments Commission Act 2001 (Cth).
The parties agreed to settle the proceedings by making a public statement about climate change. In this decision, the Court approved the settlement of the representative proceedings because it was fair and reasonable in the interests of group members and as between them.
Michael Hodge KC, Madeleine Ellicott and Sarah Spottiswood appeared for the Commonwealth, instructed by Australian Government Solicitor.
The judgment is published here.
