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An Australian pension fund member filed suit against the Retail Employees Superannuation Trust (REST) alleging that the fund violated the Corporations Act 2001 by failing to provide information related to climate change business risks and any plans to address those risks. The complaint alleged that the pension fund Trustees owed “fiduciary” duties to the members who were beneficiaries of the fund to guard against financial risks associated with carbon intensive investments. These duties were alleged to be owed under national legislation dealing both with companies (including REST) and with duties of pension fund trustees.
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