Stoyef v Masu Financial Management Pty Ltd (No 2) [2008] FCA 1849

FEDERAL COURT OF AUSTRALIA

Stoyef v Masu Financial Management Pty Ltd (No 2) [2008] FCA 1849

PRACTICE AND PROCEDURE – representative proceeding under Pt IVA of the Federal Court of Australia Act 1976 (Cth) – application for Court's approval under s 33V of settlement of the proceeding – 86 group members of whom 49 gave opt out notices, leaving applicant and 36 group members (total 37) – 83 group members, including the 49, settled with respondent, leaving three who had not – terms of the settlement with the 83 not disclosed by the evidence – whether it was likely that there were fewer than seven group members remaining so that s 33L of the Act was activated – one element of group definition was that member "suffered loss" as a result of respondent's conduct – whether that condition was no longer satisfied in relation to the 83. Held: (1)mere fact of settlements on unknown terms did not signify that the group members who had settled with respondent had not suffered loss; (2) in any event, in absence of order to contrary, proceeding remained a proceeding under Pt IVA and it was appropriate to entertain motion for approval of settlement Federal Court of Australia Act 1976 (Cth), ss 33L, 33V NIGEL STOYEF v MASU FINANCIAL MANAGEMENT PTY LTD (ACN 069 358 498)

NSD 2469 of 2007

LINDGREN J

5 DECEMBER 2008

SYDNEY IN THE FEDERAL COURT OF AUSTRALIA

NEW SOUTH WALES NSD 2469 of 2007

BETWEEN: NIGEL STOYEF

Applicant

AND: MASU FINANCIAL MANAGEMENT PTY LTD

(ACN 069 358 498)

Respondent

JUDGE: LINDGREN J

DATE OF ORDER: 27 november 2008

WHERE MADE: SYDNEY

THE COURT ORDERS THAT:

1. Pursuant to section 33V of the Federal Court of Australia Act 1976, the Court approves the settlement outlined in the affidavits of Conrad Nicholas Gray affirmed 11 November 2008 and Suzanne Michele Young sworn 26 November 2008.