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ABN Amro v Bathurst Regional Council

On appeal, in ABN Amro Bank NV v Bathurst Regional Council (' Bathurst Appeal '), [3] the Full Federal Court dismissed nearly all of the appeal grounds raised by ABN Amro, S&P and LGFS in respect of their liability to the councils and each other ABN AMRO Bank NV v Bathurst Regional Council. [2014] FCAFC 65; 224 FCR 1; 309 ALR 445; 32 ACLC 14-021; 99 ACSR 336. Date: 06 June 2014. Bench: Jacobson, Gilmour and Gordon JJ. Catchwords: CONTRACT - breach of contract - contract for provision of financial services - implied warranties in s 12ED of Australian Securities and Investments Commission. In the recent case of ABN AMRO Bank NV v Bathurst Regional Council [2014] FCAFC 65, the Federal Court of Australia confirmed the first instance finding in Bathurst Regional Council v Local Government Financial Services Pty Ltd (No 5) [2012] FCA 1200 that, as a matter of Australian common law, a rating agency owes a duty of care to investors in a rated financial product The judgment resulted in orders of damages to be paid to the councils by LGFS, S&P and ABN Amro amounting to approximately $15.8 million and by S&P and ABN to LGFS of approximately $160 million. In addition the insurer of LGFS, American Home Assurance Company (AHAC) was ordered to indemnify LGFS in full in respect of its liability to the councils Australian case notes - ABN AMRO Bank NV v Bathurst Regional Council [2014] FCAFC 6

Sahore, Aarushi --- ABN Amro Bank NV v Bathurst Regional

The Full Federal Court, in the case ABN AMRO Bank NV v Bathurst Regional Council [2014] FCAFC 65, has amongst other issues determined, held that a third party beneficiary is not bound by the duty of disclosure under section 21 of the Insurance Contracts Act 1984 (Cth) Abn Amro Bank V Bathurst Regional Council . Liability Of Credit Rating Agencies Confirmed By Federal Court On . Misleading And Eco Torts Topic 6 Mll217 Deakin Studocu . High Court Resolves Proportionate Liability Uncertainty Wotton . B 9w Emmxy4kkm . 160515 Proportionate Liability Paper . No category ABN Amro Bank v Bathurst Regional Council In Bathurst Regional Council v Local Government Financial Services Pty Ltd (No 5) [2012] FCA 1200, the Federal Court found that ratings agency Standard & Poors and ABN Amro Bank NV misled. ABN Amro Bank NV v Bathurst Regional Council [2014] FCAFC 65. Introduction. On 6 June 2014, the Full Court of the Federal Court of Australia handed down a landmark decision with potentially wide-ranging ramifications for rating agencies and insurers

Appeal from: Bathurst Regional Council v Local Government Financial Services Pty Ltd (No 5) [2012] FCA 1200 Parties: ABN AMRO BANK NV (ARBN 84 079 478 612), McGRAW-HILL INTERNATIONAL (UK) LIMITED, LOCAL GOVERNMENT FINANCIAL SERVICES PTY LIMITED (ACN 001 681 741), AMERICAN HOME ASSURANCE COMPANY (ABN 007 483 267753)v BATHURST REGIONAL COUNCIL, COOMA MONARO SHIRE COUNCIL (ABN 19 20 In ABN AMRO Bank NV v Bathurst Regional Council [2014] FCAFC 65 the Federal Court of Australia Full Court rejected the appeal of ABN Amro, Standard & Poors ratings agency and the product seller against the trial decision to hold them liable for losses incurred by 13 local councils which purchased a structured financial product known as a constant proportion debt obligation or CPDO (discussed here)

Abn Amro Bank Logo Vector Art & Graphics | freevector

This decision resolves the conflict between the two decisions of differently constituted benches of the Full Court of the Federal Court in 2014 in Wealthsure and ABN Amro Bank NV v Bathurst Regional Council. [2 In ABN AMRO Bank NV v Bathurst Regional Council [2014] FCAFC 65, the Full Court of the Federal Court of Australia confirmed on appeal that credit ratings agency, Standard & Poor's, a division of McGraw-Hill International (UK) Limited (S&P), was liable to investors after it assigned a flawed AAA credit rating to certai

american home assurance company (abn 67 007 483 267) v bathurst regional council, local government financial services pty limited (acn 001 681 741), abn amro bank nv (arbn 84 079 478 612) and mcgraw-hill international (uk) limited american home assurance company (abn 67 007 483 267) v cooma monaro shire council (abn 19 204 741 100), corowa shir ABN Amro Bank NV v Bathhurst Regional Council [2014] FCAFC 65. Shortly after the decision in Wealthsure v Selig, on 6 June 2014, the Full Court of the Federal Court delivered its decision in ABN AMRO Bank NV v Bathurst Regional Council [2014] FCAFC 65. This case involved a number of parties, and the facts of the matter are complex and lengthy ABN Amro Bank NV (ABN Amro), ratings agency Standard & Poor's (S&P) and investment adviser Local Government Financial Services Pty Ltd (LGFS) appealed the original Federal Court decision to the Full Court of the Federal Court of Australia: ABN Amro Bank NV v Bathurst Regional Council [2014] FCAFC 65. The Full Federal Court dismissed the appeals including th

In Bathurst Regional Council v Local Government Financial Services Pty Ltd (No 5) [2012] FCA 1200, the Court ruled that a rating agency may have a duty of care to investors where there is no reasonable basis for issuing a rating or there are significant flaws in the methodology used to produce a rating ABN AMRO Bank NV v Bathurst Regional Council [2014] FCAFC 65. 1. The facts. The claims were brought by a number of local councils against each of: the councils' financial adviser, Local Government Financial Services (LGFS), ABN Amro and Standard & Poor's (S&P) ABN AMRO Bank NV v Bathurst Regional Council [2014] FCAFC 65. The facts. The claims were brought by a number of local councils against each of: the councils' financial adviser, Local Government Financial Services (LGFS), ABN Amro and Standard & Poor's (S&P) The Bathurst Regional Council sued LGFS SP and ABN Amro Bank to recover their from BUSINESS LST2BSL at La Trobe Universit View Sahore, Aarushi --- %22ABN Amro Bank NV v Bathurst Regional Council: Credit Rating Agencies and Liab from EC 341 at London School of Economics. Home | Databases | WorldLII | Search

ABN AMRO Bank NV v Bathurst Regional Council - [2014

In a landmark decision, a bench of three judges of the Full Federal Court—which essentially acts as the Federal court of appeal in Australia—has, in ABN AMRO Bank NV v Bathurst Regional Council [2014] FCAFC 65 , unanimously upheld a first instance decision which ruled that global ratings agency Standard & Poor's (S&P) had breached a duty of care it owed to investors and had. ABN Amro Bank NV (ABN Amro), ratings agency Standard & Poor's (S&P) and investment adviser Local Government Financial Services Pty Ltd (LGFS) appealed the original Federal Court decision to the Full Court of the Federal Court of Australia: ABN Amro Bank NV v Bathurst Regional Council [2014] FCAFC 65. Authors Whereas ABN Amro Bank NV v Bathurst Regional Council [2014] FCAFC 65 held that the operation of Div 2A was limited to claims arising out of misleading and deceptive conduct. (ii) Facts of High Court case. Acting on advice from an authorised representative of Wealthsure Pty Ltd, Mr and Mrs Selig invested in Neovest Ltd However, a differently constituted Court in ABN AMRO Bank NV v Bathurst Regional Council [2014] FCAFC 65 held the opposite: non-apportionable claims are not subject to proportionate liability, even if they are in respect of the same loss as an apportionable claim. The Facts Bathurst Regional Council v Local Government Financial Services Pty Ltd (No. 5) [2012] FCA 1200. Documento Cited in Related. Vincent. Autor: Selva Veeriah: Contenidos. Background. Contentions. Federal Court decision. Comment. Background. ABN Amro Bank NV ('ABN Amro') arranged Rembrandt notes consisting of constant proportion debt.

ABN AMRO Bank NV v Bathurst Regional Council Rating

  1. ABN AMRO Bank NV v Bathurst Regional Council [2014] FCAFC 65 para [1066], extract on Moodle Wingecarribee Shire Council v Lehman Brothers Australia [2012] FCA 1028, extracted and summarised on Moodle BV 10 • Fiduciary relationships do not simply require the fiduciary to act reasonably, as may be the case in tort or contract
  2. ABN AMRO Bank NV v Bathurst Regional Council (2014) 309 ALR 445 139 Australian Competition and Consumer Commission (ACCC.
  3. However, a similar 2014 case ABN Amro Bank NV v Bathurst Regional Council created confusion in the financial services industry when the Federal Court found the defendant was solely liable for losses suffered. The High Court provided some clarity this week when it ruled that claims based on breaches of section 1041E are not apportionable
  4. ees Pty Ltd [2004] FCAFC 119; ATPR 42-005 Atanaskovic v Birketu Pty Ltd [2019] NSWSC 1006 Australian Competition and Consumer Commission v Birubi Art Pty Ltd [2018] FCA 159

ABN AMRO Bank NV v Bathurst Regional Council (2014) 224 FCR 1; [2014] FCAFC 65, cited. D'Orta-Ekenaike v Victoria Legal Aid (2005) 223 CLR 1; [2005] HCA 12, cited. Giannarelli v Wraith (1988) 165 CLR 543; [1988] HCA 52, cited. Lewis v Hillhouse [2005] QCA 316, followed. Jackson Lalic Lawyers Pty Limited v Attwells [2014] NSWCA 335, cite ABN AMRO Bank NV v Bathurst Regional Council [2014] FCAFC 65. These proceedings involved claims against a number of respondents involved in marketing, rating and selling highly sophisticated financial products to NSW local councils Last year, in the context of misleading or deceptive conduct under the Corporations Act, two Full Federal Court decisions (Wealthsure Pty Limited v Selig [2014] FCAFC 64 and ABN AMRO Bank NV v Bathurst Regional Council [2014] FCAFC 65) reached opposite conclusions as to whether claims under s1041E were subject to proportionate liability In a landmark decision, a bench of three judges of the Full Federal Court—which essentially acts as the Federal court of appeal in Australia—has, in ABN AMRO Bank NV v Bathurst Regional Council [2014] FCAFC 65 , unanimously upheld a first instance decision which ruled that global ratings agency Standard & Poor's (S&P) had breached a duty of care it owed to investors and had. For example, in ABN AMRO Bank NV v Bathurst Regional Council [2014] FCAFC 65; Wingecarribee Shire Council v Lehman Brothers Australia Ltd (in liq) [2012] FCA 1028 the plaintiff councils were all wholesale clients since the value of financial products purchased exceeded the statutory minimum(s)

ABN Amro Bank NV v Bathurst Regional Council [2014] FCAFC 65 (ABN Amro). These decisions are not easy to reconcile and, although they deal with different facts and legislative provisions, there is clear conflict. In Wealthsure, the Full Court, by a 2:1 majority, adopted a simila page 108 Case note: ABN AMRO Bank NV v Bathurst Regional Council Iain Freeman and Carina Tan-Van Baren LAVAN LEGAL General Editors Paul Baram Partner, Norton Rose Fulbright Linda Hamilton Principal, Notary Public, Hamilton Lawyers & Advisors Editorial Board Rehana Box Partner, Ashurst, Sydney Iain Freeman Partner, Lavan Legal, Perth Debra Lane.

The views set forth herein are the personal views of the authors and do not necessarily reflect those of the Firm. _____ [1] Bathurst Regional Council v Local Government Financial Services Pty Ltd (No 5) [2012] FCA 1200 per Justice Jagot. [2] Federal Court of Australia Summary of Bathurst Regional Council v Local Government Financial Services Pty Ltd (No 5) [2012] FCA 1200 at [22]. [3. Shortly after the Mansfield and Besanko JJ's decision in Wealthsure, the full Federal Court (Jacobson, Gilmour and Gordon JJ) in ABN AMRO Bank NV v Bathurst Regional Council [2014] FCAFC 65 (Bathurst) dealt with the same question in respect of two provisions under the Corporations Act - s1041H (misleading and deceptive conduct) and s1041E, a similar provision with the added requirement of. Proportionate Liability Update. In our July 2014 update, Uncertainty Continues for the Proportionate Liability Regime in Australia , we addressed to the two competing Full Federal Court judgements of Wealthsure Pty Ltd v Selig [2014] FCAFC 64 (Selig case) and ABN Amro Bank NV v Bathurst Regional Council [2014] FCAFC 65 (Amro case) ABN Amro Bank NV v Bathurst Regional Council [2014] FCAFC 65 cited Anti-Doping Rule Violation Panel v XZTT (2013) 214 FCR 40 cited Commissioner of Taxation v Consolidated Media Holdings Ltd (2012) 293 ALR 257 cited Cooper Brookes (Wollongong) Pty Ltd v Federal Commission of Taxation (1981) 147 CLR 297 cited Curtis v Stovin (1889) 22 QBD 513 cite

Citation: ABN Amro & Ors v Bathurst Regional Council & Ors

5 ABN AMRO Bank NV v Bathurst Regional Council [2014] FCAFC 65 at [1375] . . .First, the legal principles. There is no bright-line principle that it is insufficient for a plaintiff to prove that some other person relied on th ABN AMRO Bank v Bathurst Regional Council (2014) 224 FCR 1 , cited . Austrust Ltd v Astley (1993) 60 S ASR 354 , cited. Cigna Insurance Asia Pacific Ltd v Packer (2000) 23 WAR 159 , cited . Commonwealth v Cornwell (2007) 229 CLR 519 , cited . Darley Main Colliery Co v Mitchell (1886) 11 App Cas 127 , cited . Esanda Finance Corp v Peat Marwick.

Australian case notes - ABN AMRO Bank NV v Bathurst

  1. ABN AMRO Bank NV v Bathurst Regional Council [2014] FCAFC 65 Full Court of the Federal Court of Australia Jacobson, Gilmour & Gordon JJ Corporations - financial products - misleading and deceptive conduct - negligence - breach o
  2. In reference to negligent misstatement, reference is made to ABN AMRO Bank NV v Bathurst Regional Council [2014] FCAFC 65 on the question of the ambit of the duty of care owed to third parties. Pure economic loss consequent upon property damage is discussed in Marsh v Baxter [2015] WASC 169
  3. e wh. o is . covered by what prohibition. This plays . perfectly. into the hands of . well-funded . corporations . who know that delaying tactic
  4. forms part of an Australian Research Council Discovery grant project DP140100767 entitled (ACN 008 636 575) v McGrath (in his capacity as Liquidator of HIH Insurance Limited (in liquidation)) [2016] NSWSC 482, concerning ABN AMRO NV v Bathurst Regional Council [2014] FCAFC 65; (2014) 224 FCR 1. 6. Civil Law (Wrongs) Act. 2002 (ACT.
  5. La responsabilité civile des agences de notation en Australie : à propos de la décision rendue le 6 juin 2014 par la Federal Court of Australia dans l'affaire ABN AMRO Bank NV v. Bathurst Regional Council

Third parties not bound by duty of disclosure: ABN AMRO

ABN AMRO Plaza, 6th Floor Podium - Greenroofs

Third parties not bound by duty of disclosure: ABN AMRO Bank NV v Bathurst Regional Council CBP Lawyers website January 28, 2015 The Full Federal Court, in the case ABN AMRO Bank NV v Bathurst Regional Council [2014] FCAFC 65, has amongst other issues determined, held that a third party beneficiary is not bound by the duty of disclosure under section 21 of the Insurance Contracts Act 1984 (Cth) S&P challenged these findings, and after two years the Federal Court of Appeal in ABN AMRO Bank NV v Bathurst Regional Council has handed down its decision. The finding on appeal is unequivocal: a rating agency can owe a duty of care to investors for the rating it gives a financial product and therefore must exercise reasonable care when formulating, and have reasonable grounds for, a. It is in the interests of both insurers and insureds to avoid any uncertainty as to which individuals will be entitled to access the additional cover for non-executive directors. One way to do this might be to name the non-executive directors in a schedule to the policy. This is commentary published by Colin Biggers & Paisley for general. Allianz Australia Insurance Ltd v Vitale & Anor [2014] NSWSC 364 - Section 13 02. ABN Amro Bank NV v Bathurst Regional Council [2014] FCAFC 65 - Section 21; whether subsidiary is a contracting party; waiver of duty of disclosure; policy exclusion 03. Michail v Australian Alliance Insurance Company Ltd [2014] QCA 138 - Non-disclosure an

ABN AMRO Bank NV v Bathurst Regional Council [2014] FCAFC 65 1.61, 10.01-10.18, 10.19, 10.20, 10.21, 10.27, 10.28, 11.04. Abu Dhabi Commercial Bank et al. v Morgan. Ward v Metlife Insurance Ltd (WASCA) - insurance - insured no longer disabled within meaning of group income protection policy - appeal dismissed (I) ABN AMRO Bank NV v Bathurst Regional Council [2014] FCAFC 65 Full Court of the Federal Court of Australia Jacobson, Gilmour & Gordon J The Federal Court of Australia has delivered an important ruling that pertains to the liability of credit rating agencies. In Bathurst Regional Council v. Local Government Financial Services Pty Ltd, the court found that Standard & Poors (S&P) was liable to several local councils in Australia for a AAA rating provided in connection with their [

ABN AMRO zet in nieuwe campagne in op duurzaamheid

ABN AMRO Bank NV v Bathurst Regional Council: Rating Agencies' Duty of Care to Investors Caplaw 2014-25 August 1, 2014. Considers the recent decision of the Full Court of the Federal Court of. See, for instance, Westpac Banking Corporation v Jamieson & Ors [2015] QCA 50. 23. Jackson & Anor v Abram & Anor [2015] SASCFC 175 at [82] 24. Selig v Wealthsure Pty Ltd [2015] HCA 18. 25. ABN Amro Bank NV v Bathurst Regional Council [2014] FCAFC 65; Wealthsure Pty Ltd v Selig [2014] FCAFC 64 GENERAL INSURANCE LAW AN ANNUAL REVIEW CASE LIST INSURANCE CONTRACTS ACT 01. Allianz Australia Insurance Ltd v Vitale & Anor [2014] NSWSC 364 - Section 13 02. ABN Amro Bank NV v Bathurst Regional Council [2014] FCAFC 65 - Section 21; whether subsidiary is a contracting party; waiver of duty of disclosure; policy exclusio In a judgment released on April 13 2015, the Court of Appeal reached a verdict on the compensation afforded a third-party who came to the rescue of a child who had become trapped in a playground at a McDonalds Restaurant. The case (Metaxoulis v McDonald's Australia Ltd) had originally resulted in a verdict in favour of the defendant, however.

One very interesting high-profile example was the Full Federal Court decision in ABN AMRO Bank NV v Bathurst Regional Council (2014) 224 FCR 1 (ABN AMRO). Massive losses were allegedly suffered by institutions and others that had invested in financial products offered to the market by ABN AMRO At the time of the decision Halsey stated that it could only be overturned by the High Court of Australia but a recent case (ABN Amro Bank NV v Bathurst Regional Council), also heard in the Full Federal Court, has contradicted the same court's previously stated position

Abn Amro Bank Nv V Bathurst Regional Council - Story 201

may only be a third party beneficiary: ABN AMRO Bank NV v Bathurst Regional Council. In ABN AMRO, the fact that by definition, the subsidiary was an Insured Entity and therefore one of the Insured under the policy did not make it a party to the contract of insurance. а Only the policyholder had completed a proposal form ABN AMRO Bank AV v Bathurst Regional Council (2014) 309 ALR 445. Stay informed. Subscribe to our insights and updates. Subscribe now Contact for further information. Duncan Travis. Partner Melbourne +61 3 9613 8175; Email me; Jenny Campbell. Partner Sydney +61 2 9230 4868; Email me; Ross Drinnan. The other decision of the Full Court - says, no; ABN AMRO Bank NV v Bathurst Regional Council [2014] FCAFC 65 (6 June 2014) and this time a unanimous 3:0, came to the opposite conclusion. There are now conflicting authorities on the extent to which the proportionate liabilit

Pas op voor reeks valse e-mails 'ABN AMRO' - Opgelicht

ABN AMRO Bank NV v Bathurst Regional Council (2014) 309 ALR 445: Ingot does not stand for any principle that it is insufficient to prove that some other . 8 person relied on the alleged misleading conduct and that that person's reliance led to the plaintiff suffering loss, but only for the proposition tha Those words were subject to intense judicial scrutiny in May 2014 and early June 2014, when two conflicting judgments were delivered by two differently constituted benches of the Full Federal Court considering whether certain claims were apportionable, in Wealthsure Pty Limited v Selig [2014] FCAFC 64 (Wealthsure) and ABN AMRO Bank NV v Bathurst Regional Council [2014] FCAFC 65 (ABN AMRO)

[5] Bathurst Regional Council v Local Government Financial Services Pty Ltd (No 5) [2012] FCA 1200 [6] ABN Amro Bank NV v Bathurst Regional Council [2014] FCAFC 65 For further information, please do not hesitate to contact us 3 Wealthsure Pty Ltd v Selig [2014] FCAFC 64; (2014) 221 FCR 1 and ABN AMRO Bank NV v Bathurst Regional Council [2014] FCAFC 65; (2014) 224 FCR 1 4 The Court noted at [8] that the reasoning applicable to the relevant Corporations Act provisions applied equally to the ASIC Act provisions. As such we will focus our analysis on the Corporations Act In ABN AMRO Bank NV v Bathurst Regional Council, [22] the material risk was the risk that projected rates of return and growth of an investment might not be achieved so that there was an element of commercial risk-taking involved for which the client must be prepared to take responsibility if the advice was acted upon Including ABN AMRO Bank NV v Bathurst Regional Council (2014) 224 FCR 1, Caason Investments Pty Ltd v Cao (2015) 236 FCR 322, Grant-Taylor v Babcock & Brown Ltd (in liq) (2015) 322 ALR 723, Bonham v Iluka Resources Ltd (2015) 107 ACSR 75. Re HIH Insurance Ltd (in liq) [2016] NSWSC 482; 335 ALR 320 • Bathurst Regional Council v Standard & Poor's, Local Government Financial Services and ABN Amro [2012] FCA 1200. P. 400 3.4.3 [14.600] Torts of strict liability P.403 • For a Land occupier, tort liability can be attached even if there was no intention or negligence from the defendant

ABN Amro Bank v Bathurst Regional Counci

Australia: landmark decision Bathurst Regional Council v Local Government Financial Services Pty Ltd (2012) In the first known decision of its type in the common law world, - ABN Amro had been able to exercise real and substantial influence over S&P's rating process ABN AMRO Bank NV and Others v Bathurst Regional Council and Others (2014) 224 FCR 1. 4 Lambert Leasing Inc and Another v QBE Insurance Ltd and Others [ 2015] NSWSC 750 at [15] ABN AMRO Bank NV v Bathurst Regional Council [2014] FCAFC 65 Appeal - leave to appeal out of time In Vaysman v Deckers Outdoor Corporation Inc [2014] FCAFC 60 (22 May 2014) a Full Court considered when an extension of time to appeal would be granted under FCR Ord 52 r 15

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Federal Court sets the standard with Standard & Poors

The recent Federal Court and Full Court case concerning ABN AMRO Bank NV v Bathurst Regional Council [2012] FCA 1200 and (2014) 224 FCR 1 highlights the risks involved in issuing misleading and negligent credit ratings with structured financial derivatives Brun-Smits v Bank of Queensland [2015] FCA 362; ABN Amro Bank NV v Bathurst Regional Council [2014] FCAFC 65; Bathurst Regional Council v Local Government Financial Services Pty Ltd (No 4) [2011] FCA 1181; Astram Financial Services Pty Ltd v Bank of Queensland [2010] FCA 1493 and [2010] FCA 1508 ABN AMRO Bank v Bathurst Regional Council [2014] FCAC 65; 224 FCR 1. Fiduciary duties may apply to credit assistance providers (brokers and advisers), and even credit providers (if they provide advice or assistance) in their dealings with consumers to prohibit the party who is a fiduciary from making an unauthorised profit or acting with a conflict of interests or duties

Liability of rating agencies, financial institutions and

analysis of the statutory prohibition, in ABN AMRO Bank NV v Bathurst Regional Council (ABNAmro),3 before turning to explore the possible reasons for the continued focus in this kind of case on the tortious claim. Statutory and tortious liability for misleading conduct The statutory prohibition Section 18 of the Australian Consumer Law (ACL. ABN Amro was knowingly concerned in S&P's contraventions and engaged in misleading and deceptive conduct, according to today's ruling. The case is: Bathurst Regional Council v. Local. Two contradictory Federal Court cases on the topic of proportionate liability has left the financial planning industry scratching its head, says a financial services lawyer ABN Amro Bank and S&P have denied the allegation. The case is: Bathurst Regional Council v. Local Government Financial Services Ltd. NSD936/2009. Federal Court of Australia (Sydney)

Standard & Poors appeal dismissed - Bright La

In which Standard & Poors, ABN Amro and Local Government Financial Services Pty Ltd are found liable for Australian local government financial losses Excerpts from Justice Jayne Jagot's reasons for judgment in the matter of Bathurst Regional Council v Local Government Financial Services Pty Ltd (No 5) [2012] FCA 1200 (5 November 2012) Federal Court and Full Court case concerning ABN AMRO Bank NV v Bathurst Regional Council [2012] FCA 1200 and (2014) 224 FCR 1 highlights the risks involved in issuing misleading and negligent credit ratings with structured financial derivatives... 112 Pulling back the shades: Demystifying vulture funds - Adam Watterso

KWM High Court limits scope of proportionate liability

Caason Investments Pty Ltd v Cao [2014] FCA 1410. WHAT YOU NEED TO KNOW. In Caason Investments Pty Ltd v Cao, the Federal Court of Australia held that it is open to plead a claim for misleading or deceptive conduct based on the fraud on the market doctrine.Such a claim cannot be said to have no reasonable prospect of success. Caason emphasises that when the fraud on the market doctrine is. respects: ABN AMRO Bank NV v Bathurst Regional Council [2014] FCAFC 65. [9.170] Definition: Director Commentary has been updated regarding the decision in Australian Competition and Consumer Commission v SensaSlim Australia Pty Ltd (in liq) (No 5) (2014) 98 ACSR 347; [2014] FCA 340. [9.410] Definition: Propert Material risk was also considered in ABN Amro Bank NV v Bathurst Regional Council (2014) 224 FCR 1 where it was observed that a 'material risk' includes a risk which the investor will attach some significance. As such, it is not just what you invested,. 6. See Bathurst Reg'l Council v Local Gov't Fin. Servs. Pty Ltd[No. 5] [2012] FCA 1200 (Austl.), aff'd sub nom. ABN AMRO Bank NV v Bathurst Reg'l Council[2014] FCAFC 65 (Austl.) [hereinafter Bathurst] (accepting, for the first time that CRAs can have a duty o S&P and ABN Amro Bathurst Regional Council v Local Government Financial Services Pty Ltd involved claims arising from the rating, sale and purchase of structured financial products known as a Constant Proportion Debt Obligations (CPDOs). ABN Amro Bank NV (ABN Amro) was the product manufacturer of CPDOs, which were complex and highl

Uncertainty Continues for the Proportionate Liability

[2] Last year, in the context of misleading or deceptive conduct under the Corporations Act, two Full Federal Court decisions (Wealthsure Pty Limited v Selig [2014] FCAFC 64 and ABN AMRO Bank NV v Bathurst Regional Council [2014] FCAFC 65) reached opposite conclusions as to whether claims under s1041E were subject to proportionate liability The Financial Reporting Council, The True and Fair Requirement Revisited, Opinion 21 April 2008 (PDF, 847 KB) Stone & Rolls Ltd v Moore Stephens [2009] 3 WLR 455 (PDF, 412 KB) Hedley Byrne & Co Limited v Heller & Partners Limited [1964] AC 465 (PDF, 4 MB) ABN AMRO Bank NV v Bathurst Regional Council [2014] FCAFC 65 (PDF, 3 MB Pty Ltd v Selig (2014) 312 ALR 183; [2014] FCAFC 64 and ABN AMRO Bank NV v Bathurst Regional Council (2014) 309 ALR 445; [2014] FCAFC 65. 17. In Wealthsure v Selig a husband and wife (the Seligs) invested in a company that turned out to be a Ponzi scheme. The Seligs lost their investment and suffered consequential losses. The Sahore, Aarushi --- ABN Amro Bank NV v Bathurst Regional Council: Credit Rating Agencies and Liability to Investors [2015] SydLawRw 20; (2015) 37(3) Sydney Law Review 437; Roberts, Heather; Sweeney, Laura --- Why (Re)Write Judgments?: Australian Feminist Judgments: Righting and Rewriting Law [2015] SydLawRw 21; (2015) 37(3) Sydney Law. Various utmost good faith sections updated in light of several recent decisions including Camellia Properties Pty Ltd v Wesfarmers General Insurance Ltd and Allianz Australia Insurance Ltd v Vitale. Numerous Part IV sections revised and in particular s 21 in light of recent decisions including ABN AMRO Bank NV v Bathurst Regional Council and Poole v Chubb Insurance Company of Australia Ltd

Abstract. After the 2008 financial crisis, rating agencies were identified as one of the main actors that contributed to the crisis. In various proceedings—some of which are still pending until today—the question of their liability vis-à-vis investors was raised Appeal dismissed in June 2014: ABN Amro Bank NV v Bathurst Regional Council (2014) 224 FCR 1. City of Swan and Anor v McGraw-Hill Companies, Inc (2014) 223 FCR 295 (Federal Court of Australia) (application by Standard & Poor's to set aside an originating application and service on Standard & Poor's in the United States) (led by Hutley SC Children and Family Notes HUBS1105 Tutorial 1 2310 Lab Notes 2015 Assessment Item Cover Sheet Econ1001 microeconomics for business decisions Week5 review quetions v1 Executive Summary Overall Semester Assignment 1 PDF Exam 1 January 2010, answers Torts Summary sem 1&2 LABS 1-4 - just a convenient copy of the first few labs Exam 2014 Week 3 PASS Notes Third Parties 7230 Assignment 1 2020. Fiduciary duties in a financial sense exist to ensure that those who manage other people's money act in their beneficiaries' interests, rather than serving their own interests. The Fiduciary Duty in the 21st Century programme finds that, far from being a barrier, there are positive duties to integrate environmental, social and governance (ESG) factors in investment processes

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