Quirk v Suncorp Portfolio Services Ltd in its capacity as trustee for the Suncorp Master Trust (No 2) [2022] NSWSC 1457

Supreme Court New South Wales

Medium Neutral Citation: Quirk v Suncorp Portfolio Services Ltd in its capacity as trustee for the Suncorp Master Trust (No 2) [2022] NSWSC 1457 Hearing dates: On the papers; submissions received 9, 12 and 22 September 2022, and 7 October 2022 Date of orders: 25 October 2022 Decision date: 25 October 2022 Jurisdiction: Equity - Commercial List Before: Stevenson J Decision: Settlement approved Catchwords: CIVIL PROCEDURE – representative proceedings – where plaintiff alleged defendant trustee company wrongfully used fees charged to trust beneficiaries to pay commissions – proceedings settled – large number of group members – individual claims of group members modest – amount payable to individual group members also modest – where compromise appears to reflect risks of proceeding – where some 40% of settlement available for distribution to Group Members after payment of Funder's costs, commission and other deductions Legislation Cited: Civil Procedure Act 2005 (NSW) Corporations Act 2001 (Cth) Court Suppression and Non-publication Orders Act 2010 (NSW) Federal Court of Australia Act 1976 (Cth) Superannuation Industry (Supervision) Act 1993 (Cth) Cases Cited: Asirifi-Otchere v Swann Insurance (Aust) Pty Ltd (No 3) [2020] FCA 1885 Blairgowrie Trading Ltd v Allco Finance Group Ltd (Receivers & Managers Appointed) (In Liq) (No 3) [2017] FCA 330 BMW Australia Ltd v Brewster (2019) 269 CLR 574; [2019] HCA 45 Brewster v BMW Australia Ltd [2020] NSWCA 272 Caason Investments Pty Limited v Cao (No 2) [2018] FCA 527 Camilleri v The Trust Company (Nominees) Limited [2015] FCA 1468 Court v Spotless Group Holdings Limited [2020] FCA 1730 Davaria Pty Limited v 7-Eleven Stores Pty Ltd (2020) 281 FCR 501; [2020] FCAFC 183 Evans v Davantage Group Pty Ltd (No 3) [2021] FCA 70 Findlay v DSHE Holdings Ltd; Mastoris v DSHE Holdings Ltd; Mastoris v Allianz Australia Insurance Ltd [2021] NSWSC 249 Hall v Arnold Bloch Leibler (a firm) (No 2) [2022] FCA 163 Haselhurst v Toyota Motor Corporation Australia Ltd t/as Toyota Australia; Whisson v Subaru (Aust) Pty Ltd; Kularathne v Honda Australia Pty Ltd; Brewster v BMW Australia Ltd; Bond v Nissan Motor Co (Australia) Pty Ltd; Coates v Mazda Australia Pty Ltd [2022] NSWSC 1076 In re the Takata Airbags Class Actions Settlement (Preliminary Orders) [2021] NSWSC 1153 Jenkings v Northern Territory of Australia (No 5) [2021] FCA 1585 Kelly v Willmott Forests Ltd (in liquidation) (No 4) [2016] FCA 323 Kenquist Nominees Pty Limited ATF The Kenquist Superannuation Fund v Campbell (No 6) [2020] FCA 1388 Liverpool City Council v McGraw-Hill Financial, Inc (now known as S&P Global Inc) [2018] FCA 1289 Smith v Australian Executor Trustees Limited; Creighton v Australian Executor Trustees Limited (No 4) [2018] NSWSC 1584 Wetdal Pty Ltd as Trustee for the BlueCo Two Superannuation Fund v Estia Health Limited [2021] FCA 475 Williams v FAI Home Security Pty Ltd (No 4) [2000] FCA 1925 Category: Principal judgment Parties: Kerry Michael Quirk (Plaintiff) Suncorp Portfolio Services Limited in its capacity as trustee for the Suncorp Master Trust (First Defendant) Geoffrey Edward Summerhayes (Second Defendant) Sean Carroll (Third Defendant) LCM Operations Pty Ltd (Interested Party) Representation: Counsel: S Habib SC with C McMeniman and R Pietriche (Plaintiff) L Armstrong KC with R Mansted (Interested Party)