Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Sherwood v Commonwealth Bank of Australia (No 5) [2015] FCA 688 Citation: Sherwood v Commonwealth Bank of Australia (No 5) [2015] FCA 688
Parties: LESLIE JAMES SHERWOOD, JULIANNE SHERWOOD, SEAN PATRICK JUDE MCARDLE and PAULA JOANNE MCARDLE v COMMONWEALTH BANK OF AUSTRALIA (ABN 48 123 123 124) and COLONIAL FIRST STATE INVESTMENTS LTD (ABN 98 002 348 352)
File number: NSD 811 of 2010
Judge: COLLIER J
Date of judgment: 7 July 2015
Catchwords: PRACTICE AND PROCEDURE – representative proceedings – application for Court approval of proposed settlement deed and settlement scheme – s 33V and s 33ZF Federal Court of Australia Act 1976 (Cth) – Practice Note CM 17 – whether Court satisfied that settlement has been reached in the interests of the group members as a whole – whether Excluded Person or Nil Offerees excluded from the terms of settlement – ASIC Compensation Model fair and reasonable tool for allocation of attribution of loss: Lee v Bank of Queensland Limited (2014) 103 ACSR 436 – whether costs fair and reasonable
Legislation: Federal Court of Australia Act 1976 (Cth) Pt IVA, ss 33K(1), 33Q, 33R, 33S, 33V(1), 33ZE, 33ZF Supreme Court Act 1986 (Vic) s 33K
Cases cited: Australian Securities and Investments Commission v Cassimatis (2013) 302 ALR 671 Australian Competition and Consumer Commission v Chats House Investments Pty Ltd (1996) 71 FCR 250 Australian Securities and Investments Commission v Richards [2013] FCAFC 89 Bray v F. Hoffman-La Roche Ltd [2003] FCA 1505 Collin v Aspen Pharmacare Australia Pty Ltd [2013] FCA 952 Darwalla Milling Co Pty Ltd v F Hoffman-La Roche Ltd (No 2) (2006) 236 ALR 322 King v AG Australia Holdings Ltd (2002) 121 FCR 480 Lee v Bank of Queensland Ltd (2014) 103 ACSR 436 Lopez v Star World Enterprise [1999] FCA 104 McMullin v ICI Australia Operations Pty Ltd (1998) 84 FCR 1 Rod Investments (Vic) Pty Ltd v Clark (No 3) [2007] VSC 306 Thomas v Powercor Australia Limited [2011] VSC 614 Unity Insurance Brokers Pty Ltd v Rocco Pezzano Pty Ltd (1998) 192 CLR 603
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