Wealthsure Pty Ltd v Selig [2014] FCAFC 64

FEDERAL COURT OF AUSTRALIA

Wealthsure Pty Ltd v Selig [2014] FCAFC 64 Citation: Wealthsure Pty Ltd v Selig [2014] FCAFC 64

Appeal from: Selig v Wealthsure Pty Ltd [2013] FCA 348

Parties: WEALTHSURE PTY LTD (ABN 93097405108) and DAVID BERTRAM v RONALD SELIG AND JANNA SELIG, RICHARD WILLIAM SPENCER, SILVANA PEROVICH, MARK RICHARD NORTON, PETER MAURICE TOWNLEY, NEOVEST LIMITED (IN LIQUIDATION) ACN 104 915 906, NORTON CAPITAL PTY LIMITED (IN LIQUIDATION) ACN 086 207 169, DANIEL GEOFFREY LILLEY, DAMIEN BERNARD GREER, ROBERT NOEL GALLAGHER, STEPHEN JAMES DICKENS and MICHAEL JOSEPH CROUCH

File number: SAD 97 of 2013

Judges: MANSFIELD, BESANKO AND WHITE JJ

Date of judgment: 30 May 2014

Catchwords: CORPORATIONS – contraventions of ss 945A, 945B, 728, 769C, 1041E, 1041F and 1041H of the Corporations Act 2001 (Cth), ss 12BB, 12DA, 12DB and 12ED of the Australian Securities and Investments Commission Act 2001 (Cth) and contractual and common law duty of care in the provision of advice and disclosure documents in relation to investment – damages for loss of investment and consequential losses – whether findings inconsistent with pleaded case – whether defendants liable for consequential losses – consideration of principles of causation of loss in relation to statutory contraventions DAMAGES – whether damages correctly assessed on a "no transaction" basis – whether damages correctly assessed on the basis investment wholly lost – whether compound interest correctly calculated – application of contributory negligence and proportionate liability provisions in Corporations Act and ASIC Act – whether "a single apportionable claim" in s 1041L(2) of the Corporations Act and s 12GP(2) of the ASIC Act comprises all claims for the same loss or damage or only those which are themselves apportionable claims under ss 1041L(1) and 12GP(1) – whether allocation of responsibility of loss between parties inappropriate