Australian Securities and Investments Commission v GE Capital Finance Australia, in the matter of GE Capital Finance Australia [2014] FCA 701

FEDERAL COURT OF AUSTRALIA

Australian Securities and Investments Commission v GE Capital Finance Australia, in the matter of GE Capital Finance Australia [2014] FCA 701 Citation: Australian Securities and Investments Commission v GE Capital Finance Australia, in the matter of GE Capital Finance Australia [2014] FCA 701

Parties: AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION v GE CAPITAL FINANCE AUSTRALIA ACN 008 583 588

File number: NSD 2136 of 2013

Judge: JACOBSON J

Date of judgment: 1 July 2014

Catchwords: CORPORATIONS – misleading or deceptive conduct in relation to financial services – false and misleading representations concerning the existence of a condition – declaratory relief and pecuniary penalty sought for conduct in contravention of s 12DB of the Australian Securities and Investments Commission Act 2001 (Cth) – factors relevant to the assessment of pecuniary penalty – agreed penalty considered not to be appropriate

Legislation: Australian Securities and Investments Commission Act 2001 (Cth) ss 12DB(1)(i), 12GBA Federal Court of Australia Act 1976 (Cth) s 21 National Consumer Credit Protection Act 2009 (Cth) Trade Practices Act 1974 (Cth) ss 76, 76E

Cases cited: Australian Competition and Consumer Commission v Energy Australia Pty Ltd [2014] FCA 336 Australian Competition and Consumer Commission v Mandurvit Pty Ltd [2014] FCA 464 Australian Competition and Consumer Commission v Rural Press (2001) ATPR 41-833 Australian Competition and Consumer Commission v Telstra Corporation Limited (2010) 188 FCR 238 Australian Competition and Consumer Commission v TPG Internet Pty Ltd (2013) 304 ALR 186 Australian Securities and Investments Commission v Elm Financial Services Pty Ltd (2005) 55 ACSR 411 Australian Securities and Investments Commission v Ingleby [2013] VSCA 49 Barbaro v R (2014) 305 ALR 323 Markarian v The Queen (2005) 228 CLR 357 Minister for Industry, Tourism & Resources v Mobil Oil Australia Pty Ltd [2004] ATPR 41-993 NW Frozen Foods Pty Ltd v Australian Competition and Consumer Commission (1996) 71 FCR 285 Re HIH Insurance Ltd (in prov liq); Australian Securities and Investments Commission v Adler (2002) 42 ACSR 80 Registrar of Aboriginal and Torres Strait Islander Corporations v Matcham (No 2) (2014) 97 ACSR 412 Trade Practices Commission v CSR Limited (1991) ATPR 41-076 Mill v The Queen (1988) 166 CLR 59 Mornington Inn Pty Ltd v Jordan (2008) 168 FCR 383 Singtel Optus Pty Ltd v Australian Competition and Consumer Commission (2012) 287 ALR 249