Holland v BT Securities Limited (No 2) [2023] FCA 822

Federal Court of Australia

Holland v BT Securities Limited (No 2) [2023] FCA 822 File number(s): SAD 162 of 2021

Judgment of: O'SULLIVAN J

Date of judgment: 20 July 2023

Catchwords: CORPORATIONS LAW – margin lending facility opened in 1997 – application for damages – eight causes of action spanning 25 years – claim alleging a failure to provide a product disclosure statement contrary to the Corporations Act 2001 (Cth) – whether the Corporations Act required the defendant to provide a product disclosure statement and supplementary product disclosure statement to the first plaintiff – further claim pursuant to the Australian Securities and Investments Commission Act 2001 (Cth) alleging unconscionable conduct, and misleading and deceptive conduct – where commission paid to a broker – equitable and common law claims alleging breach of fiduciary duty or knowingly assisting or receiving in breach of fiduciary duty, breach of contract, fraud and breach of duty of care – failure by plaintiffs to establish conduct alleged – claim dismissed.

Legislation: Australian Securities Investment Commission Act 2001 (Cth), ss 5, 12BAA, 12BAA(7), (8),12BAB, 12BAB(1), 12CB, 12CB(1) & (4), 12CA, 12CC, 12DA, 12DA(1), 12GF(1) Corporations Act 2011 (Cth), ss 763A, 765A, 765A(1), 849, 936K, 952B(1A), 952C, 963A, 963K, 964D, 965, 1012B, 1012B(3), 1017B, 1017B(1), 1017B(1A), 1022B, 1041G, 1528(1) & (4) Corporations Amendment (Further Future of Financial Advice Measures) Act 2012 (Cth), ss 1528, 1531 Corporations Legislation Amendment (Financial Services Modernisation) Act 2009 (Cth) Financial Services Reform Act 2001 (Cth) Financial Services Reform Amendment Act 2003 (Cth) Treasury Laws Amendment (Ending Grandfathered Conflicted Remuneration) Act 2019 (Cth), Schedule 1, s 1 Trade Practices Act 1974 (Cth), s 51AA(1) (repealed) Australian Securities and Investments Commission Amendment Regulations 2010 (No. 2) (Cth) Corporations Regulations 2000 (Cth), rr 7.1.06(1)(a), 7.704 Federal Court Rules 2011 (Cth) at r 16.02(e) Crimes Act 1900 (NSW), ss 64(e) & (f), 249B, 316 Criminal Law Consolidation Act 1935 (SA), ss 148 - 150 Secret Commissions Prohibition Act 1920 (SA), s 5 Securities Industry Act 1975 (NSW)