Atlantis Network Pty Ltd v Lala Dipak Kumar [2002] NSWLC 1

Local Court of New South Wales

CITATION: Atlantis Network Pty Ltd v Lala Dipak Kumar [2002] NSWLC 1 JURISDICTION: Civil PARTIES: Atlantis Network Pty Ltd Lala Dipak Kumar FILE NUMBER: 133091 of 2000 PLACE OF HEARING: Downing Centre Local Court DATE OF DECISION: 09/20/2002 MAGISTRATE: Magistrate CATCHWORDS: Contract - Damages - Measure of damages for breach by wrongful sale of futures LEGISLATION CITED: Corporations Law 1989 s 72 Ogle v Vane (1867) L.R 2 Q.B 275 Wilson v London and Globe Finance Corporation (1897) 14 T.L.R 15 CASES CITED: Shaw v Holland, (1846) 15 M & W 136 Alexander v Cambridge Credit Corporation, (1987) 9 NSWLR 310 Barnes & Ors v Hay [1988] 12 NSWLR 337 March v Stramare Pty Ltd (1991) 171 CLR 506 REPRESENTATION: Mr P Glissan of Counsel Mr M Henry of Counsel ORDERS:

- 32 -In its Amended Claim the plaintiff sues for breach of agreement. The plaintiff is a futures broker, and had an agreement with the defendant, a medical doctor practising at Penrith, by which the defendant was liable for 'margin' payable in respect of his trades, and the plaintiff simply says he did not meet that margin. The plaintiff traded as a secondary broker, actual trades being placed by its principal, the State Bank of N.S.W., which later became the State Colonial and still later was taken over by the Commonwealth Bank.

Mr. P. Glissan of counsel appeared for the plaintiff, and Mr. M. Henry of counsel for the defendant/cross-claimant. The hearing was handled very capably by each of them, and I was greatly assisted by their careful submissions.