Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
GPG (Australia Trading) Pty Ltd v GIO Australia Holdings Ltd
[2001] FCA 1761
TRADE PRACTICES - CORPORATIONS – s 12DA Australian Securities and Investments Commission Act 1989 – s 995 Corporations Law – s 52 Trade Practices Act 1974 – misleading and deceptive conduct by company listed on the Australian Stock Exchange - non-disclosure – where company made announcements to market omitting disclosure of certain known issues relevant to share price of company – information reported to the board by actuaries not disclosed to market – causation – where investor listed investment company TRADE PRACTICES – CORPORATIONS – meaning of unconscionability under s 12CA Australian Securities and Investments Commission Act 1989 and s 51AA Trade Practices Act 1974 – where company resiled from publicly announced position to enter into scheme to purchase shares
WORDS AND PHRASES – "misleading or deceptive", "unconscionable conduct" Trade Practices Act 1974 (Cth) ss 51AA, 51AB, 52 Corporations Law ss 995(2), 1001A Australian Securities & Investments Commission Act 1989 (Cth) ss 12CA, 12CB, 12DA Fraser v NRMA Holdings Ltd (1995) 55 FCR 452 applied Mobil Oil Australia Ltd v Lyndel Nominees Pty Ltd (1998) 81 FCR 475 applied Waltons Stores (Interstate) Ltd v Maher (1988) 164 CLR 387 cited Commonwealth v Verwayen (1990) 170 CLR 394 cited Blomley v Ryan (1956) 99 CLR 362 cited Commonwealth Bank of Australia v Amadio (1983) 151 CLR 447 cited Murphy v Overton Investments Pty Ltd (2001) 182 ALR 138 cited Australian Competition & Consumer Commission v CG Berbatis Holdings Pty Ltd (2000) 96 FCR 491 not followed in part Australian Competition & Consumer Commission v CG Berbatis Holdings Pty Ltd (2000) ATPR 41-778 cited CG Berbatis Holdings Pty Ltd v Australian Competition & Consumer Commission (2001) ATPR 41-826 referred to Cortis Exhaust Systems Pty Ltd v Kitten Software Pty Ltd [2001] FCA 1189 cited Pritchard v Racecage Pty Ltd (1997) 142 ALR 527 cited Olex Focas Pty Ltd v Skodaexport Co Ltd [1998] 3 VR 380 cited Australian Competition & Consumer Commission v Simply No-Knead (Franchising) Pty Ltd (2000) 104 FCR 253 cited Monroe Topple & Associates Pty Ltd v Institute of Chartered Accountants in Australia [2001] FCA 1056 cited Bridgewater v Leahy (1998) 194 CLR 457 cited
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