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ARTICLE · 20 AUGUST 2010

A Not-So Informative Information Memorandum

Norton Rose Fulbright Australia
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A decision of the Federal Court provides some useful reminders about misrepresentations by financial brokers and reliance on statements passed on by those brokers.

AustraliaCriminal Law
Ben Allen (Formerly With Norton Rose Fulbright Australia)
Ben Allen (Formerly With Norton Rose Fulbright Australia)
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A decision of the Federal Court provides some useful reminders about misrepresentations by financial brokers and reliance on statements passed on by those brokers.

Dartberg Pty Ltd (as trustee for Pollard Children Trust) v Wealthcare Financial Planning Pty Ltd (No 2) (2009) 74 ACSR 373 involved a dispute between the cross-claimant, Wealthcare, and the cross-respondent, Property Investment Research Pty Ltd (PIR), whereby Wealthcare was seeking damages against P IR in the amount of $350,000 plus the costs incurred in defending the claim in the main proceedings. Those proceedings (which were settled prior to the hearing) concerned claims by Dartberg Pty Ltd (Dartberg) against Wealthcare relating to investments made by Dartberg on the recommendation of Wealthcare in promissory notes issued by two companies within the collapsed Westpoint group of companies.

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