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National

Duncan Murray

Vanguard hit with record fine over $1b 'ethical' fund

Vanguard Michael OBryan ASIC

Vanguard Investments Australia has been fined $12.9 million in a landmark greenwashing case. (Diego Fedele/AAP PHOTOS)

Investment giant Vanguard will be forced to pay $12.9 million after admitting it misled investors over one of its "ethical" funds, in a landmark greenwashing case.

The Federal Court ruled in March Vanguard Investments Australia broke consumer laws by making misleading claims about ethical exclusions applied to one of its funds, which managed more than $1.1 billion investments.

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