Kinross, J. v GIO Australia Holdings Ltd & Ors [1995] FCA 331

IN THE FEDERAL COURT OF AUSTRALIA ) NEW SOUTH WALES DISTRICT REGISTRY ) No. G 379 of 1993 GENERAL DIVISION ) BETWEEN: JEREMY KINROSS in a representative capacity Applicant AND: GIO AUSTRALIA HOLDINGS LIMITED ACN 054 573 401 First Respondent GIO GENERAL LIMITED ACN 002 861 583 Second Respondent GIO FINANCE LIMITED ACN 002 812 704 Third Respondent REASONS FOR JUDGMENT EINFELD J SYDNEY 21 APRIL 1995 This matter was commenced as a group or class action under Part IVA of the Federal Court of Australia Act 1976. The original group was designed to include the signatories to certain loan facilities with the old Government Insurance Office of New South Wales (the old GIO) or with the first respondent, its successor in title. As part of the privatisation of the old GIO, covered in more detail in my judgment of 29 November 1994 at an earlier stage of the matter, the business of the old GIO was transferred to, inter alia, the second and third respondents. Causes of action under the Trade Practices Act 1974 were pleaded, as well as the Contracts Review Act 1980 (NSW) and general law. So far as is currently relevant, one of the key allegations made is that in certain documents and advertising, misleading or deceptive representations were made concerning the stability of the proposed interest rate to be charged on the loans, and that reliance on these misrepresentations caused the members of the group to enter the loan contracts and suffer loss when, contrary to the representations, the interest rate on the facilities was raised. The substance of the claims are detailed in the earlier judgment.