The Commercial Bar Association of Victoria Inc. A0120851O
The Bank of Queensland (BOQ) has recently won a large class action proceeding in the New South Wales Supreme Court. The Bank successfully defended claims of misleading and deceptive conduct, unconscionable conduct and negligence brought by franchisees who claimed loss and damage caused by the failure of their franchise branches.
In this case Mr Schmidt obtained a line of credit facility from Perpetual Trustees Australia Limited (Perpetual) and gave a mortgage over his home as security for the facility. Violet Homes Pty Ltd (Violet) was the mortgage originator and manager and processed the loan application on behalf of Perpetual. Mr Schmidt borrowed the money to invest in what he thought were property developments. He was duped into doing so by Mr Maddock, who has since been convicted of fraud. Most of the money advanced by Perpetual to Mr Schmidt was paid directly or indirectly to Mr Maddocks and was lost.
Sharpe & Ors v PSAL Ltd [2012] QCA 371 Facts The first appellant was an experienced investor and sole director of the second appellant. On 29 October 2009 the second appellant purchased a rural...
Bank of Western Australia Ltd v Abdul [2012] VSC 222 – Justice Croft The Bank of Western Australia Ltd (Bankwest) sought to enforce a loan with the defendants Naseem Abdul (the first defendant) and...