Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Clurname Pty Limited v McGraw-Hill Financial, Inc [2017] FCA 1319 File number: NSD 957 of 2015
Judge: WIGNEY J
Date of judgment: 10 November 2017
Catchwords: PRACTICE AND PROCEDURE – application for leave to amend originating application and pleading – where representative Applicants allege loss and damage arising from Respondents' rating of synthetic collateralised debt obligations (SCDOs) – where amendments seek to introduce causes of action in tort of deceit and equitable unconscionability – where amendments brought more than two years after proceedings commenced and seven months before joint trial with related proceedings – where Respondents plead that the Applicants' causes of action are statute barred – where deceit claim would form basis of concealed fraud claim to defeat limitation defence – whether leave to amend should be allowed – whether deceit claim is reasonably arguable or has reasonable prospects of success – whether deceit claim would be statue barred and is therefore futile – whether pleading is deficient – discretionary considerations – importance of the amendments – whether delay in bringing amendments adequately explained – prejudice to the Respondents – prejudice to third parties in related proceedings PRACTICE AND PROCEDURE – whether Court has jurisdiction to grant leave to amend – whether deceit claim is governed by New York law – whether deceit claim is statute barred – whether Australia is the appropriate forum for the determination of the deceit claim Held: leave to amend granted.
Legislation: Australian Securities and Investments Commission Act 2001 (Cth) ss 12CB, 12GF(2) Corporations Act 2001 (Cth) ss 1041I(2), 1317 Evidence Act 1995 (Cth) s 63 Federal Court of Australia Act 1976 (Cth) Part IVA, ss 37M, 37M(3), 59(2B) Trade Practices Act 1974 (Cth) (repealed) Federal Court Rules 1979 (Cth), O 13, rr 2, 3A (repealed) Federal Court Rules 2011 (Cth) rr 1.32, 8.21, 8.21(1)(g)(i), 8.21(2), 16.51, 16.53, 16.54 Limitation Act 1969 (NSW) ss 14, 55, 55(1)(a), 55(1)(b) Cases cited: ABN AMRO Bank NV v Bathurst Regional Council (2014) 224 FCR 1 Abu Dhabi Commercial Bank v Morgan Stanley & Co Incorporated 88 FSupp 2D 431 (SDNY 2012) Althaus v Australia Meat Holdings Pty Ltd [2007] 1 Qd R 493 Aon Risk Services Australia Ltd v Australian National University (2009) 239 CLR 175 Australian Securities and Investments Commission v Australian Property Custodian Holdings Ltd (No 2) (2013) 213 FCR 289 Baldry v Jackson [1976] 2 NSWLR 415 Betfair Pty Ltd v Racing New South Wales (2010) 189 FCR 356 Brickfield Properties Ltd v Newton [1971] 3 All ER 328; [1971] 1 WLR 862 Caason Investments Pty Ltd v Cao (2015) 236 FCR 322 CE Heath Underwriting & Insurance (Australia) Pty Ltd v Daraway Constructions Pty Ltd (unreported, Supreme Court of Victoria, Batt J, 3 August 1995) Clark v Clark (1882) 8 VLR (E) 303 Clasul Pty Ltd v Commonwealth of Australia [2014] FCA 1133 Clough v Frog (1974) 4 ALR 615; (1974) 48 ALJR 481 Commercial Union Assurance Company of Australia Ltd v Ferrcom Pty Ltd (1991) 22 NSWLR 389 Commonwealth Bank of Australia v Kojic (2016) 341 ALR 572 Dare v Pulham (1982) 148 CLR 658 Dornan v JW Ellis & Co Ltd [1962] 1 QB 583 Dow Jones & Co Inc v Gutnick (2002) 210 CLR 575 Draney v Barry [2002] 1 Qd R 145 Dye v Commonwealth Securities Limited (No 2) [2010] FCAFC 118 Energex Ltd v Alstom Australia Ltd (2005) 225 ALR 504 Ensham Resources Pty Limited v AIOI Insurance Company Limited [2012] FCA 537 Feiglin v Ainsworth [2014] VSC 376 Forrest v Australian Securities and Investments Commission (2012) 247 CLR 486 Gloucester Shire Council v Fitch Ratings, Inc (No 2) [2017] FCA 248 Harman v Secretary of State for Home Department [1983] 1 AC 280 Hearne v Street (2008) 235 CLR 125 Macquarie Bank Ltd v Sixty-Fourth Throne Pty Ltd [1998] 3 VR 133 McGrath v HNSW Pty Ltd (2014) 219 FCR 489 Medich v Bentley-Smythe Pty Ltd [2010] FCA 494 Oztech Pty Ltd v Public Trustee of Queensland (No 2) [2015] FCA 1485 Paragon Finance plc v D B Thakerar & Co [1999] 1 All ER 400 Peco Arts Inc v Hazlitt Gallery Ltd [1983] 1 WLR 1315 Regie Nationale des Usines Renault SA v Zhang (2002) 210 CLR 491 Research in Motion Ltd v Samsung Electronics Australia Pty Ltd (2009) 176 FCR 66 Richards v Cornford (No 3) [2010] NSWCA 134 Skrijel v Mengler [1998] VSC 71 State of New South Wales v McCloy Hutcherson Pty Limited (1993) 43 FCR 489 State of New South Wales v Radford (2010) 79 NSWLR 327 Tamaya Resources Ltd (in liq) v Deloitte Touche Tohmatsu (A Firm), in the matter of Tamaya Resources Ltd (in liq) [2015] FCA 1098 Thomas v State of Queensland [2001] QCA 336 Voth v Manildra Flour Mills Pty Ltd (1990) 171 CLR 538 Voxson Pty Ltd v Telstra Corporation Ltd (No 7) (2017) 343 ALR 681 Wardley Australia Ltd v The State of Western Australia (1992) 175 CLR 514 Weldon v Neal (1887) 56 LJQB 621; (1887) 19 QBD 394 Welsh Development Agency v Redpath Dorman Long Ltd [1994] 4 All ER 10; [1994] 1 WLR 1409 Weston v Publishing and Broadcasting Ltd (2011) 83 ACSR 206 Wilson v Rigg (2002) 36 MVR 451
We try to embed the page this law was scraped from. If the site blocks framing, you still get the link and a local excerpt.
Last checked with source on —
Checking whether the official page can be embedded…
Plain-English simplify of this law: a short summary, key points, and both sides of the argument. Generated on first view via Replicate, then cached. Vote on what helps your study.
No study brief is cached for this law yet. Sign up to generate a plain-English brief.
Sign up to generate