Federal Court of Australia
CATCHWORDS PRACTICE AND PROCEDURE - joinder of parties - large number of claims for damages arising out of circumstances in which investors were induced to enter into "Negative Gearing Package" - claims asserted against individual agents and also against insurance group and bank as principals - insurance group pays investors' claims in full and takes assignment of investors' causes of action against bank and individual agents - first three applicants are companies in insurance group and fourth applicants are individual investors - whether wrongful joinder of investors' claims in one proceeding. TORT - assignments of causes of action - whether assignments by large number of investors of causes of action in tort and statutory causes of action analogous to tort are valid - whether assignees have a "genuine commercial interest" in the causes of action and in their enforcement. TORT - rule against double satisfaction - large number of claims for damages arising out of circumstances in which investors were induced to enter into "Negative Gearing Package" - claims asserted against individual agents and also against insurance group and bank as principals - insurance group pays investors' claims in full - whether claims by investors against bank would involve double satisfaction. AGENCY - vicarious liability for acts of sub-agents - whether basis of vicarious liability adequately pleaded.
Law Reform (Miscellaneous Provisions) Act 1946 (NSW) s 5 Trade Practices Act 1974 (Cth) ss 52, 82 Securities Industry Code (Vic) ss 68E, 68F Federal Court Rules O 6, r 2; O 11, r 2; O 12, rr 1, 3, 5
Monk v Australia and New Zealand Banking Group Ltd (1994) 34 NSWLR 148 (Cohen J) Castellan v Electric Power Transmission Pty Ltd (1967) 69 SR (NSW) 159 (FC) Trendtex Trading Corporation v Credit Suisse [1982] AC 679 (HL) Park v Allied Mortgage Corporation Ltd (1993) ATPR 46-105 (FCA/Davies J) Allstate Life Insurance Co v Australia & New Zealand Banking Group Ltd (No 2), unreported, FCA/Beaumont J, 7 November 1994 First City Corporation Ltd v Downsview Nominees Ltd [1989] 3 NZLR 710 (HC/Gault J)
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