William Co-Buchong & Anor v Citigroup Pty Limited & Anor [2011] NSWSC 1199

Supreme Court New South Wales

Medium Neutral Citation: William Co-Buchong & Anor v Citigroup Pty Limited & Anor [2011] NSWSC 1199 Hearing dates: 26 September 2011 Decision date: 12 October 2011 Jurisdiction: Equity Division - Commercial List Before: Hammerschlag J Decision: First defendant's Cross-Claim for restitution from second defendant dismissed Catchwords: BANKING AND FINANCIAL INSTITUTIONS - where one bank transfers money from its customers' accounts on a fraudulent instruction to another bank who pays it out also on a fraudulent instruction - both banks accept that customers must be compensated - first bank claims repayment of the money - second bank pleads change of position - EQUITY - unjust enrichment - restitution - defence of change of position - held that defence of change of position succeeds Cases Cited: State Bank of New South Wales Ltd v Swiss Bank Corporation (1995) 39 NSWLR 350 Perpetual Trustees Australia Ltd v Heperu Pty Ltd (2009) 76 NSWLR 195 David Securities Pty Ltd v Commonwealth Bank of Australia (1992) 175 CLR 353 Texts Cited: (2010) 84 ALJ 756 Category: Principal judgment Parties: William Co-Buchong - First Plaintiff Rosa Li Co - Second Plaintiff Citigroup Pty Limited ABN 88 004 325 080 - First Defendant National Australia Bank Limited ABN 12 004 044 937 - Second Defendant Representation: Counsel: B.A.J. Coles QC with P.T. Newton - First Defendant B.W. Walker SC with P.D. Reynolds - Second Defendant Solicitors: Mills Oakley - First Defendant NAB Legal Australia - Second Defendant File Number(s): 2011/171676