Tomasetti v Brailey [2013] NSWSC 1282

Supreme Court New South Wales

Medium Neutral Citation: Tomasetti v Brailey [2013] NSWSC 1282 Hearing dates: On the papers Decision date: 09 September 2013 Before: R A Hulme J Decision: First and fourth defendants to pay damages and costs to the second plaintiff as assessed in accordance with terms of the orders set out at paragraphs 71 and 72 herein Catchwords: TRADE AND COMMERCE - consumer protection - misleading or deceptive conduct - recommendation by financial adviser of investments in agricultural managed investment schemes - implicit representations by financial adviser that investments were suitable for the investor's personal circumstances - investments obviously not suitable for particular investor - reliance by investor upon advice - schemes ultimately failed - reliance upon advice causative of loss Legislation Cited: Civil Procedure Act 2005 (NSW) Competition and Consumer Act 2010 (Cth) Corporations Act 2001 (Cth) Fair Trading Act 1987 (NSW) Trade Practices Act 1974 (Cth) Cases Cited: Awad v Twin Creeks Properties Pty Limited [2012] NSWCA 200 Bullabidgee Pty Ltd v McCleary [2011] NSWCA 259 Hampic Pty Ltd v Adams (2000) ATPR 41-737 I & L Securities v HTW Valuers (2002) 210 CLR 109 Jacfun Pty Limited v Sydney Harbour Foreshore Authority [2012] NSWCA 218 Tomasetti v Brailey [2011] NSWSC 1446 Tomasetti v Brailey [2012] NSWCA 399 Category: Principal judgment Parties: Peter Charles Tomasetti (First plaintiff) Sandra Cordony (Second plaintiff) Tomasetti Investments Pty Limited as trustee for the Tomasetti Superannuation Fund (Third plaintiff) Edmund Francis Brailey (First defendant) John Clifford Fenton (Second defendant) Christopher Campbell Lane (Third defendant) TJC Financial Planning Pty Limited (Fourth defendant) Representation: Counsel: Mr A Maroya (Plaintiff) Mr TGR Parker SC with Mr C Carroll (Defendants) Solicitors: Holding Redlich (Plaintiff) Holman Webb Lawyers (Defendants) File Number(s): 2009/297599