Baxter Global Investments Pty Ltd (ACN 159 246 670) v Marco [2020] NSWSC 1293

Supreme Court New South Wales

Medium Neutral Citation: Baxter Global Investments Pty Ltd (ACN 159 246 670) v Marco [2020] NSWSC 1293 Hearing dates: 21 and 22 September 2020 Date of orders: 22 September 2020 Decision date: 22 September 2020 Jurisdiction: Equity - Commercial List Before: Henry J Decision: See paragraph [59]. Catchwords: EQUITY – Trusts and trustees – Express trusts – Intention to create – where plaintiffs invested funds to enable first defendant to engage in private placement program arbitrage transactions – intention to create an express trust over principal funds established – damages awarded limited to agreed rate of return described in investment agreement Legislation Cited: Uniform Civil Procedure Rules 2005 (NSW), r 29.7(2)(a) Cases Cited: Australian Securities and Investment Commission v Marco (No 3) [2020] FCA 719 Australian Securities and Investments Commission v Idylic Solutions Limited [2009] NSWSC 1306 Byrnes v Kendle (2011) 243 CLR 253; [2011] HCA 26 Church of the Foursquare Gospel (Australia) Limited v New Hope Church Swansea Inc [2019] NSWSC 519 In Re Courtney House Capital Trading Group Pty Limited (in Liq) [2018] NSWSC 404 Markopoulus v Marco [2020] WASC 79 Zetting v Muller [2017] NSWSC 659 Texts Cited: JD Heydon and MJ Leeming, Jacobs' Law of Trusts in Australia (8th ed, 2016, LexisNexis Butterworths) Category: Principal judgment Parties: Baxter Global Investments Pty Ltd (First Plaintiff) Batchelar Group Investments Pty Ltd as trustee for Batchelar Group Super (Second Plaintiff)