Eric Preston Pty Ltd v Euroz Securities Limited [2011] FCAFC 11

FEDERAL COURT OF AUSTRALIA

Eric Preston Pty Ltd v Euroz Securities Limited [2011] FCAFC 11 Citation: Eric Preston Pty Ltd v Euroz Securities Limited [2011] FCAFC 11

Appeal from: Eric Preston Pty Ltd v Euroz Securities Limited [2010] FCA 97

Parties: ERIC PRESTON PTY LTD (ACN 008 753 348) v EUROZ SECURITIES LIMITED (ACN 089 314 983)

File number: WAD 47 of 2010

Judges: JACOBSON, FOSTER AND BARKER JJ

Date of judgment: 4 February 2011

Catchwords: CONTRACT – stockbroker client relationship – scope of retainer – whether loss caused by breach of retainer – whether trial judge's findings assailable MISLEADING AND DECEPTIVE CONDUCT – whether representation passed on by respondent – whether representation adopted by respondent – whether loss caused by representation

Cases cited: Bonds and Securities (Trading) Pty Limited v Glomex Mines NL [1971] 1 NSWLR 879 cited Butcher v Lachlan Elder Realty Pty Limited (2004) 218 CLR 592 discussed Clambake Pty Limited v Tipperary Projects Pty Limited (No 3) [2009] WASC 52 followed Daly v Sydney Stock Exchange Limited (1986) 160 CLR 371 at 385 cited Eric Preston Pty Ltd v Euroz Securities Limited [2010] FCA 97 affirmed Franklins Pty Ltd v Metcash Trading Ltd (2009) 264 ALR 15 followed Fox v Percy (2003) 214 CLR 118 applied Hedley Byrne & Co Ltd v Heller & Partners Ltd [1964] AC 465 referred to Hide & Skin Trading Pty Ltd v Oceanic Meat Traders Ltd (1990) 20 NSWLR 310 followed Ingot Capital Investments Pty Limited v Macquarie Equity Capital Markets Ltd (2009) 252 ALR 659 discussed Martin v Option Investments (Aust) Pty Limited (No 2) [1982] VR 464 cited Option Investments (Aust) Pty Limited v Martin [1981] VR 138 followed Paric v John Holland (Constructions) Pty Ltd (1985) 62 ALR 85 referred to Ramsay v Watson (1961) 108 CLR 642 referred to Rosenberg v Percival (2000) 205 CLR 434 followed Suvaal v Cessnock City Council (2003) 200 ALR 1 cited Whittaker v Child Support Registrar [2010] FCAFC 112 followed