High Court of Australia
HIGH COURT OF AUSTRALIA
FRENCH CJ, KIEFEL, BELL, GAGELER AND KEANE JJ
RONALD SELIG & ANOR APPELLANTS
AND
WEALTHSURE PTY LTD & ORS RESPONDENTS
Selig v Wealthsure Pty Ltd [2015] HCA 18 13 May 2015 A25/2014
ORDER
1. Appeal allowed.
2. Set aside orders 1, 2, 3 and 7 of the orders of the Full Court of the Federal Court of Australia made on 30 May 2014 and, in their place, order that:
(a) order 2 of the orders of Lander J made on 18 April 2013 be varied by substituting "$1,716,680" in place of "$1,760,512"; and
(b) the appeal and cross-appeal be otherwise dismissed.
3. Set aside orders 1 and 2 of the orders of the Full Court of the Federal Court of Australia made on 26 June 2014 and, in their place, order that QBE Insurance (Australia) Ltd pay the costs of the respondents, Mr and Mrs Selig, of the appeal to that Court.
4. QBE Insurance (Australia) Ltd pay the appellants' costs of the appeal to this Court.
On appeal from the Federal Court of Australia
Representation
P A Heywood-Smith QC with D G M Riggall for the appellants (instructed by Radbone and Associates)
R J Whitington QC with T W Cox SC for the first and second respondents (instructed by Cosoff Cudmore Knox)
No appearance for the third to ninth respondents
Submitting appearance for the tenth to thirteenth respondents
Notice: This copy of the Court's Reasons for Judgment is subject to formal revision prior to publication in the Commonwealth Law Reports.
CATCHWORDS
Selig v Wealthsure Pty Ltd
Corporations – First and second respondents provided financial advice to appellants – First and second respondents found to have contravened various provisions of Corporations Act 2001 (Cth) ("Act") and Australian Securities and Investments Commission Act 2001 (Cth) – Whether liability should be limited to proportion of appellants' loss, having regard to comparative responsibility of other parties – Whether application of Div 2A of Pt 7.10 of Act limited to claims based on contravention of s 1041H of Act or also applies to other causes of action.
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