Salvatore Coco -v- Westpac Banking Corporation [2012] NSWSC 565

Supreme Court New South Wales

Medium Neutral Citation: Salvatore Coco -v- Westpac Banking Corporation [2012] NSWSC 565 Hearing dates: 7, 8 & 9 May 2012 Decision date: 25 May 2012 Jurisdiction: Equity Division - Commercial List Before: Hammerschlag J Decision: Judgment for the plaintiff for $2,701,238 Catchwords: MISLEADING AND DECEPTIVE CONDUCT - Australian Securities and Investments Commission Act 2001 (Cth) s 12DA(1) - in relation to financial services where bank officer selling a complex financial product conveys to the customer that the product works in a way significantly more advantageous than the way in which it actually works - RELIEF - Australian Securities and Investments Commission Act 2001 (Cth) ss 12GF(1) and 12GM(7) - matter approached on the footing that damages should be assessed as if an order had been made varying the terms of the parties' agreements to reflect how the bank represented they would actually work Legislation Cited: Australian Securities and Investments Commission Act 2001 (Cth) Cases Cited: Coco v Westpac Banking Corporation [2010] NSWSC 457 Coco v Westpac Banking Corporation [2010] NSWCA 305 Watson v Foxman (1995) 49 NSWLR 315 Demagogue Pty Ltd v Ramensky (1992) 39 FCR 31 Wardley Australia Ltd v State of Western Australia (1992) 175 CLR 514 I & L Securities Pty Ltd v HTW Valuers (Brisbane) Pty Ltd (2002) 210 CLR 109\ Gates v City Mutual Life Assurance Society Ltd (1986) 160 CLR 1 Chappel v Hart (1998) 195 CLR 232 Category: Principal judgment Parties: Salvatore Coco - Plaintiff Westpac Banking Corporation - Defendant Representation: Counsel: J.C. Kelly SC with E.T. Finnane - Plaintiff I.M. Jackman SC with C. Colquhoun - Defendant Solicitors: Uther Webster & Evans - Plaintiff King & Wood Mallesons - Defendant File Number(s): 2009/298753