Perpetual Investment Management Ltd as Responsible Entity for 10 Schemes listed in the Summons [2014] NSWSC 784

Supreme Court New South Wales

Medium Neutral Citation: Perpetual Investment Management Ltd as Responsible Entity for 10 Schemes listed in the Summons [2014] NSWSC 784 Hearing dates: 28 and 29 May 2014 Decision date: 04 June 2014 Jurisdiction: Equity Division Before: Robb J Decision: The Court makes the orders in par 82. Catchwords: EQUITY - trusts and trustees - application for judicial advice - defence of claim and prosecution of cross claim - trustee responsible entity of numerous substantial commercial managed investment schemes - trustee professional manager of such schemes - whether trustee obliged to apply for judicial advice before defending claim or commencing cross claim - proceedings consequential to calling of meetings of members of listed public companies - proposed amendment of constitutions of companies - objective to achieve divesting of cross shareholding between two public companies - release value to shareholders - counsel providing advice to trustee given limited instructions - trustee authorised to conduct litigation for a short period to give counsel an opportunity to provide a considered opinion on whether trustee's prospects of success are sufficient to warrant continuation of litigation. Legislation Cited: Australian Consumer Law Australian Securities and Investments Commission Act 2001 (Cth) Corporations Act 2001 (Cth) Trustee Act 1925 (NSW) Cases Cited: AMP Capital Investors Ltd as Responsible Entity for the KSC Trust [2010] NSWSC 1259 Application of NSW Trustee & Guardian [2014] NSWSC 423 Application of Perpetual Trustee Company Ltd [2003] NSWSC 1185 Jones v Hurst [2013] NSWSC 163 Macedonian Orthodox Community Church St Petka Inc v His Eminence Petar the Diocesan Bishop of Macedonian Orthodox Diocese of Australia and New Zealand (2008) 237 CLR 66 Lenyco Pty Ltd; In the Matter of the Daquino Family Trust [2009] NSWSC 429 and [2009] NSWSC 846 Marley v Mutual Security Merchant Bank & Trust Co Ltd [1991] 3 All ER 198 Re Application by Perpetual Trust Services Ltd (as responsible entity of the Momentum Allweather (A$) Absolute Return Fund) [2012] NSWSC 758 Re Australian Pipeline Ltd [2006] NSWSC 1316 Re Creditors' Trust Deed Established in the administration of Beviesta Pty Ltd [2013] NSWSC 1258 Re Mirvac Ltd [1999] NSWSC 457 Texts Cited: Nil Category: Principal judgment Parties: Perpetual Investments Management Limited (plaintiff) Representation: Counsel: A J Bannon SC, K H Barrett (plaintiff) Solicitors: Clayton Utz (plaintiff) File Number(s): 2014/161723