Fiducian Group (ASX:FID) confirmed that its unit, Fiducian Investment Management Services, filed a defense in the proceedings brought against it by the Australian Securities and Investments Commission (ASIC) in the New South Wales Supreme Court, according to a Tuesday Australian bourse filing.

ASIC alleged that the product disclosure statement of the Fiducian Diversified Social Aspirations Fund issued by the unit as the responsible entity contained misleading statements, that Fiducian Investment Management failed to comply with the compliance plan of the fund, and acted in its duties as the responsible entity with care and diligence.