Having previously found the defendants liable for contravening s 12DA(1) of the Australian Securities and Investments Commission Act 2001 (Cth), the NSW Supreme Court was tasked with determining apportionment of the plaintiffs’ loss as between the respective defendants. The Court declined to apportion costs, finding that the defendants should be jointly and severally liable for same.
In issue
- Whether the plaintiff’s loss should be apportioned between the respective defendants, including a company and its director, and whether the defendants should be jointly and severally liable for the plaintiffs’ costs or whether costs should be apportioned.
The background
The substantive proceedings concerned an investment made by the plaintiffs, Mr Jianping Qiu and his wife, Ms Jingjing Lin, in the Jarrah Capital 2005 Loan Trust (Jarrah Capital Trust).
