Australian Competition and Consumer Commission v. Global Green Plan Ltd.

Summary:

Global Green Plan Ltd. was paid by customers to purchase renewable energy certificates (RECs). In December 2009, Global Green Plan acknowledged that it had not been using the money provided to it to purchase RECs, and pledged that it would make up the 4,137 missing RECs by March 2010. When it failed to do so, the Australian Competition and Consumer Commission instituted proceedings in the Federal Court. On September 29, 2010, the Federal Court declared that Global Green Plan had failed to meet its pledge and that it had breached the Trade Practices Act 1974.

At Issue: Suit against corporation for misusing funds appropriated for renewable energy investment