Federal Court of Australia
Federal Court of Australia
Stack v AMP Financial Planning Pty Limited (No 2) [2021] FCA 1479 File number: VID 489 of 2020
Judgment of: BEACH J
Date of judgment: 25 November 2021
Catchwords: CORPORATIONS – representative proceeding – practice and procedure – de-classing action – s 33N of the Federal Court of Australia Act 1976 (Cth) – s 33N(1)(c) – whether representative proceeding an efficient and effective means of dealing with claims – commonality concerning claims under ss 961B, 961J, 961L and 965 of the Corporations Act 2001 (Cth) – nature of AMP authorised representatives – relationship with AMP licensees – personal advice – breach of fiduciary duty – sufficient commonality – balance between individual issues and common issues – application refused
Legislation: Australian Securities and Investments Commission Act 2001 (Cth) ss 12CB, 12GF Corporations Act 2001 (Cth) ss 917E, 961B, 961J, 961L, 961M, 965 Federal Court of Australia Act 1976 (Cth) ss 33C, 33N, 33Q
Cases cited: Australian Securities and Investments Commission v AMP Financial Planning Pty Ltd (No 2) (2020) 377 ALR 55 Earglow Pty Ltd v Newcrest Mining Ltd (2015) 230 FCR 469
Division: General Division
Registry: Victoria
National Practice Area: Commercial and Corporations
Sub-area: Commercial Contracts, Banking, Finance and Insurance
Number of paragraphs: 243
Date of hearing: 11 October 2021
Counsel for the Applicants: Mr A Martin SC with Mr T Bagley, Mr E Olivier and Mr B O'Connor
Solicitors for the Applicants: Piper Alderman and Shine Lawyers
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