Anderson v Commonwealth Bank of Australia Anderson v Besley & Ors [1995] FCA 787

` CATCHWORDS PRACTICE AND PROCEDURE - summary dismissal - previous proceedings by applicants against respondent Bank the subject of arbitration pursuant to Arbitration Agreement which provided that arbitrator's award to be final and binding and that proceedings to be discontinued by applicants if arbitrator's award unfavourable to them - arbitration hearing proceeded on liability only before retired Federal Court judge over six days at which both parties represented by solicitors and counsel, followed by written submissions by both parties - two months and 13 days after conclusion of hearing, applicants acting for themselves commenced these proceedings against Bank, directors and former directors of Bank and employees and former employees of Bank, yet still did not seek setting aside of Arbitration Agreement - subsequently on 24 May 1995 arbitration award delivered wholly favourable to Bank - on 13 June 1995 applicants filed amended statement of claim seeking setting aside of Arbitration Award - further amendment in August 1995 to seek setting aside of both Arbitration Agreement and Arbitration Award on basis that applicants induced to enter into Arbitration Agreement by misrepresentation by Bank officers that Bank would not contest liability as vigorously in arbitration as in litigation - election by applicants, after they knew hearing to be on liability, in favour of continuing with arbitration - estoppel - whether applicants suffered any loss by reason of having arbitrated rather than litigated - no reasonable cause of action for setting aside because of election or estoppel - no reasonable cause of action for damages because no loss or injury.

Federal Court Rules, O 20, r 2. IAN ANDERSON AND GERALDINE ANDERSON v COMMONWEALTH BANK OF AUSTRALIA No NG 559 of 1993 IAN ANDERSON AND GERALDINE ANDERSON v MORRISH A BESLEY & ORS No AG 12 of 1995 Lindgren J Sydney 29 September 1995