Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Mercedes Holdings Pty Limited v Waters (No 2) [2010] FCA 472 Citation: Mercedes Holdings Pty Limited v Waters (No 2) [2010] FCA 472
Parties: MERCEDES HOLDINGS PTY LIMITED, MAX INVESTMENTS (AUST) PTY LIMITED, MANSTED ENTERPRISES PTY LTD, MICHELLE O'GARR, JM CUSTOMS & FREIGHT SERVICES PTY LIMITED, OSVON PTY LIMITED, ADAM JOHN THORN & GRAHAM DEAN and MARK ROBERT HODGES & JANET ANNE HODGES v ANDREA JANE WATERS, MICHAEL JOHN ANDREW, WELLINGTON INVESTMENT MANAGEMENT LIMITED, OCTAVIA LIMITED, GUY HUTCHINGS, JOHN ARTHUR WHATELEY, JACK SIMON DIAMOND, CRAIG ROBERT WHITE, DEBORAH BEALE, STEVEN KRIS KYLING, STUART ROBERTSON PRICE, MICHAEL GORDON HISCOCK, MICHAEL CHRISTODOULOU KING, PAUL JOSEPH MANKA and IAN ZELINSKI
File number: NSD 324 of 2009
Judge: PERRAM J
Date of judgment: 14 May 2010
Catchwords: CORPORATIONS – Managed Investment Schemes – Contravention of provisions by officers and auditors of the scheme – Compensation sought – Whether investors are limited to remedies against the responsible entity PRACTICE AND PROCEDURE – Pleadings – Statement of claim – Particulars – Purpose to outline the manner in which an allegation will be proven STATUTES – Interpretation – Explanatory material – Cannot subvert ordinary meaning of statute
TRUSTS – Beneficiary – Standing – Trustee unwilling to sue – Where beneficiary and trustee have separate causes of action but similar losses there is no bar to the beneficiary pursuing his/her own claim – Unlike principle of 'reflective loss' in corporate law – Gould v Vaggelas (1985) 157 CLR 215
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