Mitsub Pty Limited v McGraw-Hill Financial Inc [2016] FCA 559

FEDERAL COURT OF AUSTRALIA

Mitsub Pty Limited v McGraw-Hill Financial Inc [2016] FCA 559 File number: NSD 1344 of 2015

Judge: RARES J

Date of judgment: 20 May 2016

Catchwords: PRACTICE AND PROCEDURE – case management – identification of real issues in dispute – Pt VB of Federal Court of Australia Act 1976 (Cth) ss 37M, 37N, 37P – consideration of principles of case management – where eight current representative proceedings under Pt IVA of the Federal Court of Australia Act 1976 (Cth) in relation to ratings given to structured finance products – where same parties or their related entities respondents in all eight proceedings – where previous judgments considered aspects of finance modelling used to assign ratings to structured finance products –whether appropriate to seek explanation from respondents as to whether findings in earlier judgments about ratings modelling or methodology relevant to issues in eight current proceedings – whether chief executive officer of respondents should make affidavit as to any relevance of earlier findings to current proceedings

Legislation: Federal Court of Australia Act 1976 (Cth) ss 37M(1), 37N, 37P Federal Court Rules 2011 (Cth) Practice Note CM1

Cases cited: ABN AMRO Bank NV v Bathurst Regional Council (2014) 224 FCR 1 Bathurst Regional Council v Local Government Financial Services Pty Ltd (No 5) [2012] FCA 1200 City of Swan v McGraw Hill Companies Inc (2014) 223 FCR 295 E I Du Pont de Nemours & Co v Commissioner of Patents (1987) 16 FCR 423 Expense Reduction Analysts Group Pty Ltd v Armstrong Strategic Management and Marketing Pty Ltd (2013) 250 CLR 303 Wingecarribee Shire Council v Lehman Brothers Australia Ltd (In Liq) (2012) 301 ALR 1