Jameson v Professional Investment Services Pty Ltd [2009] NSWCA 28

Reported Decision: 72 NSWLR 281253 ALR 515

New South Wales Court of Appeal

CITATION: Jameson v Professional Investment Services Pty Ltd [2009] NSWCA 28 This decision has been amended. Please see the end of the judgment for a list of the amendments.

HEARING DATE(S): 8 December 2008

JUDGMENT DATE: 25 February 2009

JUDGMENT OF: Spigelman CJ at 1; Allsop P at 134; Ipp JA at 135

1 Appeal allowed. DECISION: 2 Set aside Orders 2, 3 and 4 of Young CJ in Eq of 31 January 2008. 3 Dismiss the respondent's interlocutory process of 14 June 2007. 4 The respondent pay the appellant's costs of the appeal and the costs of the interlocutory process dated 14 June 2007.

CATCHWORDS: CORPORATIONS – financial services and markets – disclosure – product disclosure statement – s1012A, s 1013D(1)(c), s 1013E Corporations Act 2001 (Cth) - CORPORATIONS – managed investment – issue of proscribed interest – unregistered scheme – s 601ED Corporations Act 2001 (Cth) - CORPORATIONS – financial services and markets – market misconduct and other prohibited conduct – misleading and deceptive conduct – representation as to effect of guarantee – s 947C(2)(b), s 947C(3), s 953A(1)(b)(ii) Corporations Act 2001 (Cth) – s 12DB(g) Australian Securities and Investments Commission Act 2001 (Cth) – s 53(g) Trade Practices Act 1974 (Cth) - PROCEDURE – Supreme Court Procedure – New South Wales – Procedure under rules of court – parties - representative proceedings – "substantial common issue of law or fact" – Uniform Civil Procedure Rules 2005 r 7.4 (1)(a)(iii) - PROCEDURE – Supreme Court Procedure – New South Wales – Procedure under rules of court – parties – representative proceedings – discretion to otherwise order that proceedings not be carried on as representative proceedings – common issues – legitimacy of "opt in" definition of group – access to justice – Uniform Civil Procedure Rules 2005 r 7.4(2)