Australian Securities and Investments Commission v Bank of Queensland Limited

In the matter of Australian Securities and Investments Commission v Bank of Queensland Limited, the respondents sought to have certain claims made by the Australian Securities and Investments Commission (ASIC) struck out or summarily dismissed on the basis that they were either defective or that ASIC lacked the authority to bring them. ASIC had commenced proceedings against the respondents, alleging various breaches of the Trade Practices Act 1974 (Cth) (TPA), the Australian Securities and Investments Commission Act 2001 (Cth) (ASIC Act), the Fair Trading Act 1999 (Vic), and the Fair Trading Act 1989 (Qld). The respondents argued that the claims for pecuniary relief, declarations, and damages for breach of contract were not within ASIC's authority and that the claims were otherwise defective.

The court considered whether ASIC's claims were properly brought under sections 12GM and 50 of the ASIC Act. The court found that ASIC had the authority to bring the claims on behalf of individuals who had suffered or were likely to suffer loss or damage due to contraventions of the TPA. The court also determined that ASIC's claims for damages for breach of contract and declarations were permissible under the statutory provisions. ASIC had clarified its position by agreeing to remove claims that the respondents contravened specific sections of the TPA, and the court required ASIC to amend its pleadings accordingly.

Ultimately, the court dismissed the respondents' motions to strike out or dismiss the claims. The court found that ASIC's claims were validly brought under the ASIC Act and that the respondents had not successfully demonstrated any procedural defects in the proceedings. The court ordered ASIC to amend its pleadings to reflect the concessions made and directed the parties to prepare short minutes of order to give effect to the court's decision. The court reserved its decision on costs pending the final orders.