ACCR drops appeal in Santos greenwashing lawsuit

• The Australasian Centre for Corporate Responsibility has formally withdrawn its Federal Court appeal against Santos.
• Santos shares fell 1.33% to close at $8.15 following the announcement.
• The advocacy group described the decision to discontinue the legal proceedings as pragmatic.

The Australasian Centre for Corporate Responsibility withdrew its Federal Court appeal against Santos (ASX:STO), ending legal action started in 2021.

The activist shareholder group originally alleged that the company engaged in misleading conduct across three decarbonisation claims.

The advocacy group stated that its decision to discontinue the court appeal was pragmatic and not taken lightly.

The Federal Court previously dismissed the claims in February after finding the corporate disclosures were not misleading.

Following the announcement, the Santos share price was down at $8.15.

The legal battle originally focused on claims brought under Australian consumer and corporations law regarding corporate emissions targets.

The consent order filed concludes more than three years of legal proceedings between the parties.