Century Funds Management v Opus Capital [2011] FCA 78

Century Funds Management wished to replace Opus Capital as responsible entity for various funds. A meeting of the fund members had been arranged. Opus Capital published a brochure to its members expressing opinions as to Century Funds Management’s appropriateness as a fund manager.

Century Funds Management sought to restrain Opus Capital from distributing any material to its members regarding the meeting without prior consent. It claimed the representations in the brochure were misleading.

Justice Jacobson noted he would need to be convinced there was a high likelihood of success on a final trial of whether the representations were misleading.  He found that this was not the case. Century Funds Management failed to establish how the representations would mislead.

On the balance of convenience the Judge noted it was the interests of the members of the fund which was paramount. They had an interest in having all the information before them and holding a meeting so that a decision could be made. As Capital Funds Management has an opportunity to respond to the representations there was little prejudice to it.

Accordingly, the Court refused to grant an injunction refraining Opus Capital from distributing information relating to the meeting.

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