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ARTICLE · 01 APRIL 2026

Super Returns And Not-so-super Drafting: FX Group Holdings Pty Ltd v Perpetual Trustee Co Ltd

Herbert Smith Freehills Kramer LLP
Herbert Smith Freehills Kramer LLP
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Herbert Smith Freehills Kramer LLP

Herbert Smith Freehills Kramer LLP

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The NSW Supreme Court recently handed down the latest quantum judgment in the long running dispute between FX Group Holdings Pty Ltd and Perpetual Trustee Company Ltd, concerning the interpretation ...

AustraliaReal Estate and Construction
Leon Chung
Leon Chung
Hugh Paynter
Hugh Paynter
Eunice Park
Eunice Park
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In brief and key learnings

The NSW Supreme Court recently handed down the latest quantum judgment in the long running dispute between FX Group Holdings Pty Ltd and Perpetual Trustee Company Ltd, concerning the interpretation of a contingent consideration clause governing the sharing of returns in the $150 million vendor-financed sale of the foreign exchange platform Pepperstone. This follows from the earlier primary judgment, where the Court found for the Vendors, finding that their construction of the Share Sale Agreement aligned with the heads of agreement, the deal’s commercial purpose, and the parties’ shared intention at the time of contracting.

The judgment offers a number of salient points:

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