Razdan v Westpac Banking Corporation [2014] NSWCA 126

Court of Appeal Supreme Court New South Wales Medium Neutral Citation: Razdan v Westpac Banking Corporation [2014] NSWCA 126 Decision date: 14 April 2014 Before: McColl JA [1] Macfarlan JA [22] Bergin CJ in Eq [36] Decision: 1. Appeal dismissed. 2. The appellant to pay the respondent's costs of the appeal. 3. Any application to vary the costs order to be filed and served within 7 days supported by written submissions not to exceed 3 pages. 4. Any written submissions in response to the application to be filed and served within 7 days of receipt of the application and are not to exceed 3 pages. [Note: The Uniform Civil Procedure Rules 2005 provide (Rule 36.11) that unless the Court otherwise orders, a judgment or order is taken to be entered when it is recorded in the Court's computerised court record system. Setting aside and variation of judgments or orders is dealt with by Rules 36.15, 36.16, 36.17 and 36.18. Parties should in particular note the time limit of fourteen days in Rule 36.16.] Catchwords: MISLEADING OR DECEPTIVE CONDUCT - where numerous representations relied upon in respect of a margin lending facility - whether a particular statement was a representation as to a future matter - whether reliance upon representations

ESTOPPEL - whether bank is estopped from relying upon its legal rights under the margin lending facility - whether reliance on representations

CONTRACT - whether implied term of reasonableness and good faith - whether breach of implied term

UNCONSCIONABLE CONDUCT - whether conduct of bank in selling the appellant's portfolio of shares unconscionable Legislation Cited: Australian Consumer Law 2010 (Cth) Australian Securities and Investments Commission Act 2001 (Cth) Fair Trading Act 1987 (NSW) Financial Sector (Business Transfer and Group Restructure) Act 1999 (Cth) Trade Practices Act 1974 (Cth) Cases Cited: Attorney General (NSW) v World Best Holdings Limited (2005) 63 NSWLR 557 Austotel Pty Ltd v Franklins Self Serve Pty Limited (1989) 16 NSWLR 582 Australian Securities and Investments Commission v Cycclone Magnetic Engines Inc and Ors (2009) 71 ACSR 1, [2009] QSC 58 Butcher v Lachlan Elder Realty Pty Ltd [2004] HCA 60; 218 CLR 592 Cordon Investments Pty Ltd v Lesdor Properties Pty Ltd [2012] NSWCA 184 Dib Group Pty Ltd v Ventouris Enterprises Pty Ltd (2011) 284 ALR 601, [2011] NSWCA 300 Downey v Carlson Hotels Asia Pacific Pty Ltd [2005] QCA 199 Fubilan Catering Services Pty Ltd v Compass Group (Aust) Pty Ltd [2007] FCA 1205 Gould v Vaggelas [1984] HCA 68; 157 CLR 215 GPG (Australia Trading) Pty Ltd v GIO Australia Holdings Ltd (2001) 191 ALR 342 Hawkins v The Queen [1994] HCA 47; 181 CLR 440 Henville v Walker [2001] HCA 52; 206 CLR 459 Macquarie International Health Clinic Pty Ltd v Sydney South West Area Health Service [2010] NSWCA 268 McGrath; in the matter of Pan Pharmaceuticals Ltd (in liq) v Australian Naturalcare Products Pty Ltd (2008) 165 FCR 230, [2008] FCAFC 2 R v Connors (1990) 20 NSWLR 438 Sutton v A J Thompson Pty Ltd (in liq) (1987) 73 ALR 233 Ting v Blanche (1993) 118 ALR 543 Tonto Home Loans Australia Pty Limited v Tavares [2011] NSWCA 389 Willett v Thomas [2012] NSWCA 97 Texts Cited: KR Handley Estoppel by Conduct and Election Thomson Sweet & Maxwell (2006) Spencer Bower, Turner and Handley, Actionable Misrepresentation, (4th ed 2000, Butterworths) Spencer Bower, The Law Relating to Estoppel by Representation, (4th ed 2004, LexisNexis UK) Category: Principal judgment Parties: Anil Razdan (Appellant) Westpac Banking Corporation (Respondent) Representation: Counsel: DA Smallbone (Appellant) J Stoljar SC/J Hynes (Respondent) Solicitors: Vaikom Rajeev (Appellant) Minter Ellison (Respondent) File Number(s): 2013/129744 Publication restriction: Nil Decision under appeal Date of Decision: 2013-04-05 00:00:00 Before: Cogswell DCJ