Rural Funds Management Limited as Responsible Entity for the Rural Funds Trust and RF Active v Bonitas Research LLC [No 2] [2020] NSWSC 335

Supreme Court New South Wales

Medium Neutral Citation: Rural Funds Management Limited as Responsible Entity for the Rural Funds Trust and RF Active v Bonitas Research LLC [No 2] [2020] NSWSC 335 Hearing dates: Written Submissions Decision date: 01 April 2020 Jurisdiction: Equity - Commercial List Before: Hammerschlag J Decision: Declaration that the publication of the first Bonitas report on or around 6 August 2019 on the Bonitas website (www.bonitasresearch.com) contravened ss 1041E, 1041F, and 1041H of the Corporations Act 2001 (Cth) and s 12DA(1) of the Australian Securities and Investments Act 2001 (Cth).

Judgment for the plaintiff against the first defendant and the second defendant for $530,201.

The first defendant and the second defendant are to pay the plaintiff's costs assessed in the amount of $368,974. Catchwords: LOSS AND DAMAGE – quantum – Corporations Act 2001 (Cth) s 1041I(1) – Australian Securities and Investments Commission Act 2001 (Cth) s 12GF(1) – costs and expenses incurred by the plaintiff in responding to the defendants' disseminations of information and material in contravention of the law recoverable from the defendants – internal costs which would have been incurred anyway not recoverable. COSTS – Civil Procedure Act 2005 (NSW) ss 98(1), 98(2), 93(3), 94(4) – specified gross sum order instead of assessed costs appropriate. Legislation Cited: Australian Securities and Investments Commission Act 2001 (Cth) Civil Procedure Act 2005 (NSW) Corporations Act 2001 (Cth) Uniform Civil Procedure Rules 2005 (NSW) Category: Procedural and other rulings Parties: Rural Funds Management Limited - Plaintiff Bonitas Research LLC - First Defendant Matthew Wiechert - Second Defendant Representation: Counsel: C. Withers with R. Pietriche - Plaintiff