Australia's federal court has imposed a record A$12.9 million ($8.89 million) fine on top U.S. asset manager Vanguard's local unit for making misleading claims about its ethical and green investment options,

Australia’s federal court has fined Vanguard Investments Australia Ltd. A$12.9 million ($8.9 million) for making misleading claims about a fund, the highest penalty issued in the country so far over greenwashing.

In a landmark decision, Vanguard Investments Australia Ltd. has been fined A$12.9 million ($8.9 million) by Australia’s Federal Court for making misleading claims about its ethical investment options.

Australia's federal court has imposed a record A$12.9 million ($8.89 million) fine on top U.S. asset manager Vanguard's local unit for making misleading claims about its ethical and green investment options,

Vanguard has been hit with the largest fine imposed in Australia for greenwashing, as a court ordered it to pay $12.9 million for financial misconduct.