Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Earglow Pty Ltd v Newcrest Mining Ltd [2015] FCA 328 Citation: Earglow Pty Ltd v Newcrest Mining Ltd [2015] FCA 328
Parties: EARGLOW PTY LIMITED (ACN 055 664 769) v NEWCREST MINING LTD (ACN 005 683 625) AND OTHERS (NAMED IN THE ATTACHED SCHEDULE OF PARTIES)
File number: VID 406 of 2014
Judge: BEACH J
Date of judgment: 10 April 2015
Catchwords: PRACTICE AND PROCEDURE – representative proceedings – securities class action – s 674 of the Corporations Act 2001(Cth) – scope and application of s 33ZF of the Federal Court of Australia Act 1976 (Cth) – application concerning first stage trial – role of institutional investors – identification and accelerated adjudication of sample institutional investor claims – application dismissed EVIDENCE – relevance – materiality – event studies – efficient capital market hypothesis – indirect causation theory – relevance of direct evidence of institutional investors
Legislation: Corporations Act 2001 (Cth) ss 111AC, 111AL, 674, 676, 677, 1041H Evidence Act 1995 (Cth) ss 55, 79 Federal Court of Australia Act 1976 (Cth) ss 22, 33C, 33N, 33Q, 33R, 33ZF, 37M
Cases cited: Australian Securities and Investments Commission v Fortescue Metals Group Ltd (No 5) (2009) 264 ALR 201 Australian Securities and Investments Commission v Fortescue Metals Group Ltd (2011) 190 FCR 364 Australian Securities and Investments Commission v Hellicar (2012) 247 CLR 345 Australian Securities and Investments Commission v Newcrest Mining Limited (2014) 101 ACSR 46 Blatch v Archer (1774) 1 Cowp 63 Cammer v Bloom 711 F. Supp. 1264 (D.N.J. 1989) Courtney v Medtel Pty Ltd (2002) 122 FCR 168 Grant-Taylor v Babcock & Brown Ltd (in liquidation) [2015] FCA 149 James Hardie Industries NV v ASIC (2010) 274 ALR 85 Jarra Creek Central Packing Shed Pty Ltd v Amcor Ltd [2011] FCA 671 Johnson Tiles Pty Ltd (Barrett Burston Malting Co Pty Ltd) v Esso Australia Pty Ltd [2003] VSC 211 Johnson Tiles Pty Ltd and Ors v Esso Australia Pty Ltd and Ors (No 3) [2003] VSC 244 Johnson Tiles Pty Ltd v Esso Australia Pty Ltd & Anor (No 3) [2001] VSC 372 Johnson Tiles Pty Ltd v Esso Australia Pty Ltd (No 4) [2004] VSC 466 Johnson Tiles Pty Ltd v Esso Australia Pty Ltd (2003) Aust Torts Reports 81-692 Jones v Dunkel (1959) 101 CLR 298 Krogman v Sterritt 202 F.R.D. 467 (N.D. Tex. 2001) Madgwick v Kelly (2013) 212 FCR 1 Matthews v SPI Electricity Pty Ltd (Ruling No 5) (2012) 35 VR 615 McMullin v ICI Australia Operations Pty Ltd (No 6) (1998) 84 FCR 1 Meaden v Bell Potter Securities Ltd [2011] FCA 136 Murphy v Overton Investments Pty Ltd [1999] FCA 1123 National Australia Bank Ltd v Pathway Investments Pty Ltd (2012) 265 FLR 247 O'Neil v Appel 165 F.R.D. 479 (W.D. Mich. 1996) Owners of the Ship 'Shin Kobe Maru' v Empire Shipping Co Inc (1994) 181 CLR 404 P Dawson Nominees Pty Ltd v Brookfield Multiplex Ltd (No 2) [2010] FCA 176 Regent Holdings Pty Ltd v State of Victoria (2012) 36 VR 424 Thomas v Powercor Australia Ltd (No 1) [2010] VSC 489 Weimann v Allphones Retail Pty Ltd (No 3) [2009] FCA 1292 Williams v FAI Home Security Pty Ltd (No 1) [1999] FCA 1771 Woodcroft-Brown v Timbercorp Securities Ltd (in liquidation) (2011) 253 FLR 240
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