Apostolovski v Total Risk Management [2010] NSWSC 1451

New South Wales Supreme Court

CITATION : Apostolovski v Total Risk Management [2010] NSWSC 1451 This decision has been amended. Please see the end of the judgment for a list of the amendments.

HEARING DATE(S) : 17 November 2010

JUDGMENT DATE : 17 December 2010

JUDGMENT OF : Gzell J

DECISION : Plaintiff entitled to equitable compensation or loss or damage, to interest to judgment and costs.

CATCHWORDS : SUPERANNUATION - Review of decisions, and related matters - claim for total and permanent disablement benefit made on 9 March 2006 accepted on 12 November 2010 just days before trial - from when should interest run - whether following Finch v Telstra Super Pty Ltd [2010] HCA 36l - (2010) 84 ALJR 726 entitled to equitable compensation for breach of fiduciary duty for failure to exercise due diligence - whether entitled to recover loss or damage under the Superannuation Industry (Supervision) Act 1993 (Cth), s 55(3) for breach of implied covenant under s 52(2)(b) to exercise due diligence - whether should be read down - whether exoneration provision in s 310(1) applies to a corporate trustee - whether would apply to gross lack of diligence

LEGISLATION CITED : Superannuation Industry (Supervision) Act 1993 (Cth)

Rapa v Patience, NSWSC, unreported, 4 April 1985 Karger v Paul [1984] VR 161 Telstra Super Pty Ltd v Flegeltaub [2000] VSCA 180; (2000) 2 VR 276 Vidovic v Email Superannuation Pty Ltd, NSWSC, unreported, 3 March 1995 Jeffrey Guy Baker v Local Government Superannuation Scheme Pty Ltd [2007] NSWSC 1173 CASES CITED : John Gilberg v Stevedoring Employees Retirement Fund Pty Ltd [2008] NSWSC 1318 Kowalski v MMAL Staff Superannuation Fund Pty Ltd (No 3) [2009] FCA 53 Tuftevski v Total Risk Management Pty Ltd [2009] NSWSC 315 Finch v Telstra Super Pty Ltd [2010] HCA 36; (2010) 84 ALJR 726 Government Employees Superannuation Board v Martin (1997) 19 WAR 224 Austin v Austin (1906) 3 CLR 516 Fouche v Superannuation Fund Board (1952) 88 CLR 609