VPlus Holdings Pty Ltd v Bank of Western Australia Ltd [2012] NSWSC 1327

Supreme Court New South Wales

Medium Neutral Citation: VPlus Holdings Pty Ltd v Bank of Western Australia Ltd [2012] NSWSC 1327 Hearing dates: 24 October 2012 Decision date: 31 October 2012 Jurisdiction: Equity Division - Commercial List Before: Stevenson J Decision: Paragraphs of the Statement of Claim struck out; Notice to Produce set aside; Notice of Motion to join further plaintiffs dismissed Catchwords: PLEADINGS - whether reasonable cause of action disclosed

CORPORATIONS - reflective loss rule - proper plaintiff rule - derivative actions

NOTICE TO PRODUCE - Practice Note SC Eq 11 Legislation Cited: Contracts Review Act 1980 Corporations Act 2001 (Cth) Practice Note SC Eq 11 Uniform Civil Procedure Rules Cases Cited: Ballard v Multiplex [2008] NSWSC 1019; (2008) 68 ACSR 208 Breen v Williams [1996] HCA 57; (1996) 186 CLR 71 Chahwan v Euphoric Pty Ltd [2008] NSWCA 52; (2008) 227 FLR 43 Chen v Karandonis [2002] NSWCA 412 Cosmos E-C Commerce Pty Ltd v Bidwell & Associates Pty Ltd [2005] NSWCA 81 Dey v Victorian Railways Commissioners [1949] HCA 1; (1949) 78 CLR 62 Foss v Harbottle (1843) 2 Hare 461; 67 ER 189 General Steel Industries Inc v Commissions for Railways (NSW) [1964] HCA 69; (1964) 112 CLR 125 Hospital Products Ltd v United States Surgical Corporation [1984] HCA 64; (1984) 156 CLR 41 John Alexander's Clubs Pty Ltd v White City Tennis Club Ltd [2010] HCA 19; (2010) 241 CLR 1 Johnson v Gore Wood & Co [2002] 2 AC 1 Owners Strata Plan SP 69567 v Baseline Constructions Pty Ltd [2012] NSWSC 502 Prudential Assurance Co Ltd v Newman Industries LTD (No. 2) [1982] 1 Ch 204 Tanwar Enterprises Pty Ltd v Cauchi [2003] HCA 57; (2003) 217 CLR 315 Theseus Exploration NL v Foyster [1972] HCA 41; (1972) 126 CLR 507 Thomas v D'Arcy [2005] 1 Qd R 666; (2005) 52 ACSR 609 Webster v Lampard [1993] HCA 57; (1993) 177 CLR 598 Texts Cited: Australian Corporation Law - Principles & Practice, vol 1 Austin & Black's, Annotations to the Corporations Act, vol 1 Austin and Ramsay, Ford's Principles of Corporations Law, vol 2 Category: Interlocutory applications Parties: VPlus Holdings Pty Limited (first plaintiff) Karen Le (second plaintiff) Xue Jun Yong (third plaintiff) Ruibing Huang (fourth plaintiff) Capital T Nominees Pty Limited (fifth plaintiff) Nyuk Min Yong (sixth plaintiff) Bank of Western Australia Limited (first defendant) Trevor Mark Pogroske (second defendant) Said Jahani (third defendant) Representation: Counsel: S W Velik (solicitor) (plaintiffs) R C Scruby with B C Dean (defendants) Solicitors: SV Law (plaintiffs) Gadens Lawyers (defendants) File Number(s): SC 2012/242509 Publication restriction: Nil