McLennan Asset Services Pty Limited v Macquarie Investments Limited [2017] NSWSC 1811

Supreme Court New South Wales

Medium Neutral Citation: McLennan Asset Services Pty Limited v Macquarie Investments Limited [2017] NSWSC 1811 Hearing dates: 14/12/2017, 15/12/2017 Date of orders: 15 December 2017 Decision date: 15 December 2017 Jurisdiction: Equity Before: McDougall J Decision: Plaintiff entitled to declaratory relief sought by amended summons. Catchwords: CONTRACTS – construction of settlement deed – no question of principle Legislation Cited: Civil Procedure Act 2005 (NSW) Uniform Civil Procedure Rules 2005 (NSW) Cases Cited: Electricity Generation Corporation v Woodside Energy Limited (2014) 251 CLR 640 Category: Principal judgment Parties: McLennan Asset Services Pty Ltd (First Plaintiff) Millinium Capital Managers Limited (Second Plaintiff) Macquarie Investment Management Limited (First Defendant) Bond Street Custodians (Second Defendant) Representation: Counsel:

T M Faulkner SC (Plaintiffs) K J Williams SC (Defendants)

Solicitors:

William James Lawyers (Plaintiffs) Ashurst Australia (Defendants) File Number(s): 2017/375355

Judgment (EX TEMPORE – REVISED 15 DECEMBER 2017) 1. HIS HONOUR: The plaintiffs seek orders giving effect to what they say are their rights under clause 7 of a Settlement Deed made in June 2017 between them and the defendants. The Settlement Deed was made to record the compromise of litigation then pending in this court. The substantial issue is whether the plaintiffs are presently entitled to have the defendants pay into the trust account of the plaintiffs' lawyers a sum of money estimated to be required for the conduct, over the next three months, of litigation pending in the Grand Court of the Cayman Islands.