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Rest climate change case pushes ahead

Rest's legal stoush with one of its members over the fund's approach to climate change is pushing ahead, with a trial fast approaching.

Rest and Mark McVeigh have a hearing for a dispute on discovery and privilege today before mediation on September 22 and a pre-trial case management hearing on September 23.

JANA, Rest's asset consultant, has been dragged into the matter. JANA filed an affidavit in relation to the case at the start of September.

JANA was handed a subpoena by McVeigh, seeking more information from the asset consultant, however this was withdrawn.

The initial discovery categories filed last year called for documents created by the investment committee evidencing consideration of JANA building a capability to stress test portfolios for climate change risk to be submitted. McVeigh's case argues this was relevant to Rest's stress testing policy.

A trial is set to take place in Sydney on November 2, 3 and 4.

McVeigh's case against Rest's trustee alleges that he has a right to certain information pursuant to section 1017C of the Corporations Act.

The information McVeigh is interested in particularly relates to the impacts climate change could have on his retirement savings with Rest.

After McVeigh's initial claim was filed, Rest did correspond with him. However, McVeigh remained unsatisfied that his super fund was doing enough to manage climate change risk.

McVeigh is being represented by Equity Generations Lawyers principal David Barnden.

Barnden has two other cases related to climate change on foot.

O'Donnell v Commonwealth and Ors is a potential class action with lead claimant Katta O'Donnell, who owns Australian government bonds. O'Donnell is seeking to hold the Australian government to account over climate change risks, arguing that failure to act on climate change and disclose climate change risk could mislead and deceive bond investors.

A third newly filed case, Sharma v Environment Ministers will see students ask the court to stop the Vickery Extension Project  - a Whitehaven Coal development - from going ahead.

Read more: RestJANADavid BarndenEnvironment MinistersEquity Generations LawyersKatta O'DonnellMark McVeighVickery Extension ProjectWhitehaven Coal
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