Lawsuit against Australia over climate risk in bonds to proceed

Australia fires -- file pic Bloomberg

CANBERRA: A class action lawsuit that claims Australia is misleading investors by failing to disclose the impact of climate risk in its bonds will proceed after government lawyers failed to get the case dismissed.

The lawsuit may continue as a class action, but officials from the Australian Office of Financial Management and Treasury won’t be subject to the suit, Federal Court Justice Bernard Murphy said in the judgment. The government’s argument to strike out or dismiss the action based on technicalities was rejected by Murphy.