Misleading and Deceptive Conduct

Gippsreal Ltd v Hausfeld Johnson Pty Ltd [2012] FCA 956

A managed investment scheme loaned reliance on a rural NSW properties and suffered severe losses when the security proved to be worth much less than the valuations. The responsible entity of the scheme sued the valuer claiming misleading conduct and breach of contract. The valuer made a late application to plead that the officers (MD, …

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Equititrust v Willaire [2012] QSC 206

A lender advanced more than $16m to a property developer, secured by a mortgage over the site and a collateral mortgage over a property owned by a director. The director claimed the lender was only entitled to enforce against his properties to a limit of $3m. The dispute arose because the lender sent a two …

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Manday Investments v CBA [2012] FCA 751

The borrower sued the bank and a valuer. The borrower argued that because the security was undervalued, the bank withdrew its financial support for the borrower resulting in its needing to sell assets below value in a fire sale environment. Causation ArgumentThe bank and the valuer argued that summary judgment should be granted because the …

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NAB v Strategic Brands Australia [2012] NSWSC 682

A company loan was secured by mortgages and guarantees given by the company’s directors. The company directors filed a defence in which they claimed that the bank had represented that it would make a further advance and that this constituted: misleading and deceptive conduct under 12DA of the ASIC act; and unconscionable conduct under 12CB …

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Bankwest v Floreani [2012] VSC 261

The bank sued the two guarantors for $5 million when the borrower failed to repay. The guarantors claimed that the bank breached its oral agreement to provide further funding in excess of the facility limit as required and sued for breach of contract and misleading and deceptive conduct. The court found no collateral oral agreement …

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RHG Mortgage Corporation v Sava [2012] QSC 96

The borrower sought an application to have the enforcement warrant set aside due to the lender knowingly ‘misleading’ him. The day before the enforcement warrant was to be executed the lender informed the borrower that if he paid a lesser amount, it might be possible to stay the warrant. It was on this basis that …

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Perpetual Trustee v Milanex [2011] NSWCA 367

A 74 year old man pensioner who spoke little English was hoodwinked into signing a mortgage. The money went to the fraudster and the court set aside the mortgage under the Contracts Review Act. The lender sued the mortgage broker alleging that the broker had verified the borrower’s identity and that the borrower was a …

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