Richards v Macquarie Bank Limited (No 3) [2012] FCA 1523

FEDERAL COURT OF AUSTRALIA

Richards v Macquarie Bank Limited (No 3) [2012] FCA 1523 Citation: Richards v Macquarie Bank Limited (No 3) [2012] FCA 1523

Parties: TRACEY RICHARDS v MACQUARIE BANK LIMITED AND STORM FINANCIAL LIMITED (RECEIVERS AND MANAGERS APPOINTED) (IN LIQUIDATION) ACN 064 804 691

File number: QUD 590 of 2010

Judge: REEVES J

Date of Ruling: 5 December 2012

Catchwords: EVIDENCE – agreed statement of facts – relevance – where fact in issue is whether investors were "consumers" within the meaning of s 4B of the Trade Practices Act 1974 (Cth) and s 12BC of the Australian Securities and Investments Commission Act 2001 (Cth) – whether personal circumstances of investors relevant to whether margin loans obtained were "of a kind ordinarily acquired for personal, domestic or household use" EVIDENCE – relevance – whether witness' evidence-in-chief relevant to pleaded program or plan of action – hearsay – whether Court has general discretion to admit evidence that is hearsay – application of s 64 of the Evidence Act 1995 (Cth) – where no evidence that witnesses that made representations unable to testify or their testimony would cause undue expense or delay – application of admissions exception s 81 Evidence Act 1995 (Cth) – whether evidence admitted under s 81 against one party can be used as evidence against another – application of s 83 Evidence Act 1995 (Cth)

Legislation: Australian Securities and Investments Commission Act 2001 (Cth) Corporations Act 2001 (Cth) Evidence Act 1995 (Cth) Federal Court of Australia Act 1976 (Cth) Trade Practices Act 1974 (Cth)