DIF III – Global Co-Investment Fund L.P v DIF Capital Partners Limited [2020] NSWCA 124

Court of Appeal Supreme Court New South Wales Medium Neutral Citation: DIF III – Global Co-Investment Fund L.P v DIF Capital Partners Limited [2020] NSWCA 124 Hearing dates: 2 and 3 March 2020 Date of orders: 25 June 2020 Decision date: 25 June 2020 Before: Bathurst CJ at [1]; Bell P at [2]; Meagher JA at [150] Decision: Appeal dismissed with costs. Catchwords: CONTRACT – admitted breach of contract – causation of loss where alleged that, had proper due diligence been undertaken, an investment would not have been made – whether trial judge erred in holding that no damage was suffered by reason of breach of contract. INSURANCE – whether professional indemnity policy responded to a claim – whether insured party became aware of any circumstances that could give rise to a third party claim during the policy period. Legislation Cited: Civil Liability (Third Party Claims Against Insurers) Act 2017 (NSW) s 4(1) Insurance Contracts Act 1984 (Cth) s 54 Cases Cited: Aristocrat Technologies Australia Pty Ltd v Global Gaming Supplies Pty Ltd [2009] FCA 1495 Australian Securities and Investments Commission (ASIC) v Rich (2009) 236 FLR 1; [2009] NSWSC 1229 Bonnington Castings Ltd v Wardlaw [1956] UKHL 1; [1956] AC 613 Commercial Union Assurance Company of Australia v Ferrcom Pty Ltd (1991) 22 NSWLR 389 Euro Pools Plc v Royal & Sun Alliance Insurance Plc [2019] EWCA Civ 808; Lloyd's Rep IR 595 FAI General Insurance Co Ltd v Australian Hospital Care Pty Ltd (2001) 204 CLR 641; [2001] HCA 38 Fernandez v Tubemakers of Australia Ltd [1975] 2 NSWLR 190 Global Sportsman Pty Ltd v Mirror Newspapers Ltd (1984) 2 FCR 82; [1984] FCA 167 Gordon Martin Pty Limited v State Rail Authority of New South Wales [2008] NSWSC 343 Harris v Bellemore [2010] NSWSC 176 HLB Kidsons (a firm) v Lloyd's Underwriters [2008] EWCA Civ 1206; [2009] Bus LR 759 Jones v Dunkel (1959) 101 CLR 298; [1959] HCA 8 Seltsam Pty Ltd v McGuiness; James Hardie & Coy Pty Ltd v McGuiness (2000) 49 NSWLR 262; [2000] NSWCA 29 Sigma Pharmaceuticals (Australia) Pty Ltd v Wyeth [2010] FCA 1211 St George Club Ltd v Hines (1961) 35 ALJR 106 Ta Ho Ma Pty Ltd v Allen (1999) 47 NSWLR 1; [1999] NSWCA 202 Tubemakers of Australia Ltd v Fernandez (1976) 50 ALJR 720 Category: Principal judgment Parties: DIF III – Global Co-Investment Fund L.P (First Appellant) DIF III GP Limited (Second Appellant) DIF Capital Partners Limited (First Respondent) Certain Underwriters, Subscribing to Lloyd's Policy Numbered FD014280G (Seventh Respondent) Certain Underwriters, Subscribing to Lloyd's Policy Numbered BD0391FD014600G (Eighth Respondent) Certain Underwriters, Subscribing to Lloyd's Policy Numbered BD0391FD014610G (Ninth Respondent) Certain Underwriters, Subscribing to Lloyd's Policy Numbered B0391FD017580G (Tenth Respondent) Representation: Counsel: I M Jackman SC, B A Ng (Appellants) M A Jones SC, R P V Carey (First and Seventh to Tenth Respondents)