NSW Caselaw
New South Wales Supreme Court
CITATION : Coco v Westpac Banking Corporation [2010] NSWSC 457
HEARING DATE(S) : 29 April 2010
JUDGMENT DATE : 14 May 2010
JURISDICTION : Equity
JUDGMENT OF : Tamberlin AJ
DECISION : On its proper construction the Westpac Guaranteed Portfolio Service Asset Allocation Advisory Agreement does not oblige Westpac to pay the plaintiff the sum of $3,008,183.72 claimed but Westpac is obliged to account to the plaintiff for $10,024,567.06.
CATCHWORDS : CONTRACT – Construction – Commercial agreement – Guaranteed Portfolio Service – Meaning and extent of guarantee provision in investment scheme – Meaning of "Fixed Income Portfolio Value" – Meaning and effect of formula to calculate that value.
LEGISLATION CITED : Uniform Civil Procedure Rules r 28.2
CATEGORY : Separate question
Australian Broadcasting Commission v Australasian Performing Rights Assn Ltd (1973) 129 CLR 99 Codelfa Construction Pty Ltd v State Rail Authority of NSW (1982) 149 CLR 337 CASES CITED : Franklins Pty Ltd v Metcash Trading Ltd 264 ALR 15 Toll (FGCT) Pty Ltd v Alphapharm Pty Ltd (2004) 219 CLR 165 Wilkie v Gordian Runoff Ltd (2005) 221 CLR 522
PARTIES : Salvatore Coco (P) Westpac Banking Corporation (D)
FILE NUMBER(S) : SC 2009/298753
COUNSEL : J C Kelly SC with E T Finnane (P) I Jackman SC with C Colquhoun (D)
SOLICITORS : Uther Webster & Evans (P) Mallesons Stephen Jaques (D)
IN THE SUPREME COURT OF NEW SOUTH WALES EQUITY DIVISION COMMERCIAL LIST
TAMBERLIN AJ
FRIDAY, 14 MAY 2010
2009/298753 SALVATORE COCO v WESTPAC BANKING CORPORATION JUDGMENT 1 HIS HONOUR: These reasons concern the determination of a question ordered by the Court under r 28.2 of the Uniform Civil Procedure Rules to be decided as a separate question namely whether: " Upon the proper construction of the Westpac Guaranteed Portfolio Service Asset Allocation Advisory Agreement entered into between the plaintiff and the defendant on or about 25 June 2007, and in the events which have happened, is the defendant obliged to:
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