Oct 14 (Reuters) – AGL Energy said on Wednesday it had been served with a Federal Court class action alleging misleading or deceptive conduct and breaches of consumer guarantees over its carbon-neutral products.
Here are some details:
• The suit, filed by law firm Slater and Gordon in the Federal Court, alleges the overwhelming majority of carbon offsets AGL used for the products did not prevent, reduce, remove or store emissions equivalent to those from customers’ energy use
• The consumer law firm is seeking an injunction and compensation for what the firm said could be hundreds of thousands of households and small businesses
• The power producer in an exchange filing on Wednesday said that it takes its compliance obligations seriously and intends to “defend the proceedings”
• AGL shares slipped as much as 2.7% to A$8.66, marking their sharpest intraday decline since September 10
• The Sydney-headquarted firm is one of Australia’s largest electricity generators and energy retailers, operating a portfolio spanning coal, gas, wind, hydro and solar
(Reporting by Kumar Tanishk in Bengaluru; Editing by Mrigank Dhaniwala)
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