McFarlane as Trustee for the S McFarlane Superannuation Fund v IOOF Holdings Limited [2018] FCA 692

FEDERAL COURT OF AUSTRALIA

McFarlane as Trustee for the S McFarlane Superannuation Fund v IOOF Holdings Limited [2018] FCA 692 File number: NSD 1827 of 2017

Judge: GLEESON J

Date of judgment: 18 May 2018

Catchwords: PRACTICE AND PROCEDURE – application for preliminary discovery – prospective "fraud on the market" representative action – whether reasonable belief in right to relief – whether public information sufficient to enable decision as to commencement of proceedings – whether documents directly relevant to right to relief – preliminary discovery granted

Legislation: Australian Securities and Investments Commission Act 2001 (Cth) s 12DA Australian Consumer Law (Sch 2 to the Competition and Consumer Act 2010 (Cth)) s 18 Corporations Act 2001 (Cth) ss 674, 1014H Federal Court Rules 2011 r 7.23

Cases cited: Alphapharm Pty Ltd v Eli Lilly Australia Pty Ltd [1996] FCA 391 Apache Northwest Pty Ltd v Newcrest Mining Ltd [2009] FCAFC 39; (2009) 182 FCR 124 Benchmark Certification Pty Ltd v Standards Australia International Ltd [2004] FCA 1489; (2004) 212 ALR 464 Clarke v Sandhurst Trustees Ltd [2014] FCA 580; (2014) ACSR 215 Costin v Duroline Products Pty Limited [2013] FCA 501 EBOS Group Pty Ltd v Team Medical Supplies Pty Ltd (No 3) [2012] FCA 48; (2012) 199 FCR 533 GlaxoSmithKline Australia Pty Ltd v Pharmacor Pty Ltd [2014] FCA 1202 Glencore International AG v Selwyn Mines Ltd [2005] FCA 801; (2005) 223 ALR 238 Higgins v Hancock [2011] FCA 1492; (2011) 199 FCR 393 L'Oreal Australia Pty Ltd v BrandPoint Pty Ltd [2015] FCA 978 Matrix Film Investment One Pty Limited v Alameda Films LLC [2006] FCA 591 Pfizer Ireland Pharmaceuticals v Samsung Bioepis AU Pty Ltd [2017] FCAFC 193; (2017) 351 ALR 103 Reeve v Aqualast Pty Ltd [2012] FCA 679 Sandhurst Trustees Limited v Clarke [2015] FCAFC 21; (2015) 321 ALR 1 St George Bank Ltd v Rabo Australia Ltd [2004] FCA 1360; (2004) 211 ALR 147