Lee v Westpac Banking Corporation [2012] NSWSC 899

Supreme Court New South Wales

Medium Neutral Citation: Lee v Westpac Banking Corporation [2012] NSWSC 899 Hearing dates: 23/5/2012 Decision date: 09 August 2012 Jurisdiction: Common Law Before: Harrison AsJ Decision: The parties are to bring in short minutes to reflect my orders. Catchwords: MISLEADING OR DECEPTIVE CONDUCT - in relation to financial services - Australian Securities and Investments Commission Act 2001 (Cth) s 12DA - allegation that financial planner made misrepresentations when marketing a complex financial product to plaintiffs - amount of damages agreed upon in the event the plaintiffs were successful - finding that conduct occurred and amounted to misleading and deceptive conduct -damages awarded to plaintiffs - cross-claim dismissed Legislation Cited: Australian Securities and Investments Commission Act 2001 (Cth) Corporations Act 2001 (Cth) Civil Procedure Act 2005 Contracts Review Act 1980 Supreme Court Practice Note SC Gen 16 Trade Practices Act 1974 (Cth) Cases Cited: Australian Competition and Consumer Commission (ACCC) v TPG Internet Pty Ltd [2011] FCA 1254 Bowler v Hilda Pty Ltd (1998) 153 ALR 95 Butcher v Lachlan Elder Realty Pty Ltd (2004) 218 CLR 592; [2004] HCA 60 Byrne v Cooke [2010] QSC 76 Coco v Westpac Banking Corporation [2012] NSWSC 565 Colly Cotton Marketing Pty Ltd v Simmons [2006] NSWCA 134 Commonwealth Bank of Australia v Mehta (1991) 23 NSWLR 84 Demagogue Pty Limited v Ramensky (1992) 39 FCR 31 Digi-Tech (Australia) Ltd v Brand [2004] NSWCA 58 Elders Trustee and Executor Co Limited v E G Reeves Pty Limited (1987) 78 ALR 193 Henville v Walker (2001) 206 CLR 459 Hornsby Building Information Centre Pty Ltd v Sydney Building Information Centre Ltd (1978) 140 CLR 216 HIH Insurance Limited (In Liquidation) v Adler [2007] NSWSC 633 I & L Securities Pty Ltd v HTW Valuers (Brisbane) Pty Ltd [2002] HCA 41 Jones v Dunkel (1959) 101 CLR 298 Lezam Pty Ltd v Seabridge Australia Pty Ltd (1992) 35 FCR 535 Miller and Associates Insurance Broking Pty Ltd v BMW Australia Finance Limited [2010] HCA 31 Owners Corporation Strata Plan 70579, The v Midwest Constructions Pty Ltd [2012] NSWSC 644 Parkdale Custom Built Furniture Pty Ltd v Puxu Pty Ltd (1982) 149 CLR 191 Port Stephens Shire Council v Booth [2005] NSWCA 323 Suncoast Pastoral Company Pty Ltd v Coburg AG (No 2) Pty Ltd [2012] QSC 157 Travel Compensation Fund v Tambree (2005) 224 CLR 627 Wardley Australia Ltd v State of Western Australia (1992) 109 ALR 247 Watson v Foxman (1995) 49 NSWLR 315 Category: Principal judgment Parties: Michael Lee and Majed Hawatt (First Plaintiffs Sandstone Constructions Pty Ltd (Second Plaintiff) Westpac Banking Corporation (First Defendant) BT Funds Management Limited (Second Defendant) BT Funds Management No 2 Limited (Third Defendant) Representation: DA McLure with D Scully (Plaintiffs) KC Morgan (Defendants) Kennedys (Plaintiffs) Mallesons Stephen Jaques (Defendants) File Number(s): 2009/297860