Australian Securities and Investments Commission v La Trobe Financial Asset Management Ltd [2021] FCA 1417

FEDERAL COURT OF AUSTRALIA

Australian Securities and Investments Commission v La Trobe Financial Asset Management Ltd [2021] FCA 1417 File number: VID 806 of 2020

Judgment of: O'BRYAN J

Date of judgment: 26 November 2021

Catchwords: CONSUMER LAW – misleading conduct – admitted contraventions of ss 12DA(1) and 12DB(1) of the Australian Securities and Investments Commission Act 2001 (Cth) and s 1041H(1) of the Corporations Act 2010 (Cth) – pecuniary penalties sought by plaintiff not opposed by defendant – whether quantum of penalty appropriate – whether form of declarations appropriate

Legislation: Australian Securities and Investments Commission Act 2001 (Cth) ss 12DA(1), 12DB(1), 12GBA, 12GBB Corporations Act 2001 (Cth) s 1041H(1) Federal Court of Australia Act 1976 (Cth) s 21

Cases cited: Ainsworth v Criminal Justice Commission (1992) 175 CLR 564 Australian Building and Construction Commissioner v Construction, Forestry, Mining and Energy Union (2017) 254 FCR 68 Australian Competition and Consumer Commission v Coles Supermarkets Australia Pty Ltd [2014] FCA 1405 Australian Competition and Consumer Commission v Danoz Direct Pty Ltd [2003] FCA 881; 60 IPR 296 Australian Competition and Consumer Commission v Dukemaster Pty Ltd [2009] FCA 682 Australian Competition and Consumer Commission v EnergyAustralia Pty Ltd [2015] FCA 274 Australian Competition and Consumer Commission v Gallop International Group Pty Ltd [2019] FCA 1514; 138 ACSR 395 Australian Competition and Consumer Commission v GlaxoSmithKline Consumer Healthcare Australia Pty Ltd [2019] FCA 676; 371 ALR 396 Australian Competition and Consumer Commission v Hillside (Australia New Media) Pty Ltd trading as Bet365 (No 2) [2016] FCA 698 Australian Competition and Consumer Commission v MSY Technology Pty Ltd (2012) 201 FCR 378 Australian Competition and Consumer Commission v Reckitt Benckiser (Australia) Pty Ltd [2016] FCAFC 181; 340 ALR 25 Australian Competition and Consumer Commission v Australian Safeway Stores Pty Ltd (1997) 145 ALR 36 Australian Competition and Consumer Commission v Signature Security Group Pty Ltd [2003] FCA 3; ATPR 41-908 Australian Competition and Consumer Commission v Telstra Corporation Ltd (2010) 188 FCR 238 Australian Competition and Consumer Commission v TPG Internet Pty Ltd (2013) 250 CLR 640 Australian Competition and Consumer Commission v TPG Internet Pty Ltd (2020) 278 FCR 450 Australian Competition and Consumer Commission v Valve Corporation (No 3) [2016] FCA 196; 337 ALR 647 Australian Competition and Consumer Commission v Yazaki Corporation (2018) 262 FCR 243 Australian Securities and Investments Commission v Adler [2002] NSWSC 483; 42 ACSR 80 Australian Securities and Investments Commission v Dover Financial Advisers Pty Ltd [2019] FCA 1932; 140 ACSR 561 Australian Securities and Investments Commission v GE Capital Finance Australia [2014] FCA 701 Australian Securities and Investments Commission v MLC Nominees Pty Ltd [2020] FCA 1306; 147 ACSR 266 Australian Securities and Investments Commission v Westpac Banking Corporation (No 2) (2018) 266 FCR 147 Campomar Sociedad, Limitada v Nike International Ltd (2000) 202 CLR 45 Commonwealth v Director, Fair Work Building Industry Inspectorate (2015) 258 CLR 482 Construction, Forestry, Mining and Energy Union v Cahill [2010] FCAFC 39; 269 ALR 1 Downey v Carlson Hotels Asia Pacific Pty Ltd [2005] QCA 199 Forster v Jododex Australia Pty Ltd (1972) 127 CLR 421 Hili v The Queen (2010) 242 CLR 520 IMF (Australia) Ltd v Sons of Gwalia Ltd [2004] FCA 1390; 211 ALR 231 Markarian v The Queen (2005) 228 CLR 357 McDonald v Australian Building and Construction Commissioner [2011] FCAFC 29; 202 IR 467 National Exchange Pty Ltd v Australian Securities and Investments Commission [2004] FCAFC 90; 49 ACSR 369 NW Frozen Foods Pty Ltd v Australian Competition and Consumer Commission (1996) 71 FCR 285 Parkdale Custom Built Furniture Pty Ltd v Puxu Pty Ltd (1982) 149 CLR 191 Rural Press Ltd v Australian Competition and Consumer Commission (2003) 216 CLR 53 Selig v Wealthsure Pty Ltd (2015) 255 CLR 661 Singtel Optus v Australian Competition and Consumer Commission [2012] FCAFC 20; 287 ALR 249 Taco Co of Australia Inc v Taco Bell Pty Ltd (1982) 42 ALR 177 Trade Practices Commission v CSR Ltd [1990] FCA 762; ATPR 41-076 Trade Practices Commission v TNT Australia Pty Ltd (1995) ATPR 41-375 Trivago NV v Australian Competition and Consumer Commission [2020] FCAFC 185; 384 ALR 496 Volkswagen Aktiengesellschaft v Australian Competition and Consumer Commission [2021] FCAFC 49; 151 ACSR 407