Advanced Switching Services Pty Ltd v State Bank of New South Wales t/as Colonial State Bank [2007] FCA 954

FEDERAL COURT OF AUSTRALIA

Advanced Switching Services Pty Ltd v State Bank of New South Wales t/as Colonial State Bank [2007] FCA 954 PRACTICE AND PROCEDURE – pleadings – amendment – whether the Court's power to grant leave to amend extends to amendment to plead omitted but necessary material facts after expiry of limitation period – whether costs sufficient to compensate for prejudice occasioned by amendment EQUITY – fiduciary relationships – banker and customer – whether bank assumed fiduciary responsibility for the customer – where negotiations at arm's length – where customer had independent professional advice Federal Court of Australia Act 1976 (Cth) s 59(2B) Federal Court Rules O 13 r 2 Trade Practices Act 1974 (Cth) s 82(2) Agar v Hyde (2000) 201 CLR 552 followed Brickfield Properties Ltd v Newton [1971] 1 WLR 862 discussed Commonwealth Bank of Australia v Finding [2001] 1 Qd R 168 discussed Commonwealth Bank of Australia v Smith (1991) 42 FCR 390 followed Golby v Commonwealth Bank of Australia (1996) 72 FCR 134 cited Gray v New Augarita Porcupine Mines Ltd [1952] 3 DLR 1 cited Maguire v Makaronis (1997) 188 CLR 449 cited McGee v Yeomans [1977] 1 NSWLR 273 distinguished Queensland v JL Holdings Pty Ltd (1997) 189 CLR 146 followed Truebit Pty Ltd v Westpac Banking Corporation [1997] FCA 1290 (unreported 27 November 1997) cited ADVANCED SWITCHING SERVICES PTY LIMITED (ACN 077 773 589) v STATE BANK OF NEW SOUTH WALES TRADING AS COLONIAL STATE BANK (ACN 003 963 228) NSD 88 OF 2001

RARES J

30 MAY 2007

SYDNEY IN THE FEDERAL COURT OF AUSTRALIA

NEW SOUTH WALES DISTRICT REGISTRY NSD 88 OF 2001

BETWEEN: ADVANCED SWITCHING SERVICES PTY LIMITED

(ACN 077 773 589)

Applicant

AND: STATE BANK OF NEW SOUTH WALES TRADING AS COLONIAL STATE BANK (ACN 003 963 228)

Respondent