City of Swan v McGraw-Hill Companies, Inc [2016] FCA 343

FEDERAL COURT OF AUSTRALIA

City of Swan v McGraw-Hill Companies, Inc [2016] FCA 343 File number(s): NSD 656 of 2013

Judge(s): WIGNEY J

Date of judgment: 12 April 2016

Catchwords: CORPORATIONS – representative proceeding – application for approval of settlement by Court pursuant to s 33V of the Federal Court of Australia Act 1976 (Cth) – where group members are a closed class – whether proposed settlement is fair and reasonable and in the interests of group members – where all group members approve or are not opposed to settlement

Legislation: Australian Securities and Investments Commission Act 2001 (Cth), ss 12DA, 12DB(1)(a), 12DF Corporations Act 2001 (Cth), ss 1041E, 1041H, 1317S Federal Court of Australia Act 1976 (Cth), Pt IVA, ss 33A, 33H(1)(a), 33J, 33X, 33V, 33Y, 37AF, 37AG(1)(a), 33ZB, 3ZF

Cases cited: ABN AMRO Bank NV v Bathurst Regional Council (2014) 224 FCR 1 Australian Competition and Consumer Commission v Chats House Investments Pty Limited (1996) 71 FCR 250 Bathurst Regional Council v Local Government Financial Services Pty Ltd (No 5) [2012] FCA 1200 Camilleri v The Trust Company (Nominees) Limited [2015] FCA 1468 Darwalla Milling Co Pty Ltd v F Hoffman-La Roche Ltd & Ors (No 2) [2006] FCA 1388 Lopez v Star World Enterprises Pty Ltd [1999] FCA 104 Modtech Engineering Pty Ltd v GPT Management Holdings Ltd [2013] FCA 626 P Dawson Nominees Pty Ltd v Brookfield Multiplex Ltd (No 4) [2010] FCA 1029 Williams v FAI Home Security Pty Ltd (No 4) [2000] FCA 1925 Wingecarribee Shire Council v Lehman Brothers Australia Ltd (in liq) [2012] FCA 1028