Bavistock v Macquarie Equities Limited

FEDERAL COURT OF AUSTRALIA

Bavistock v Macquarie Equities Limited [2008] FCA 1620

PETER BAVISTOCK, CHRIS BAVISTOCK, CLO INVESTMENTS PTY LTD, DONNA TURNBULL, JAMIE BOWDEN, ADAM BARNEY, VERA DUNAISKI, ROBERT HUTCHINGS and MARIA HUTCHINGS v MACQUARIE EQUITIES LIMITED ACN 002 574 923

VID 850 of 2008

GORDON J

23 OCTOBER 2008

MELBOURNE

IN THE FEDERAL COURT OF AUSTRALIA
VICTORIA DISTRICT REGISTRY	VID 850 of 2008

BETWEEN:

PETER BAVISTOCK
First Applicant

CHRIS BAVISTOCK
Second Applicant

CLO INVESTMENTS PTY LTD
Third Applicant

DONNA TURNBULL
Fourth Applicant

JAMIE BOWDEN
Fifth Applicant

ADAM BARNEY
Sixth Applicant

VERA DUNAISKI
Seventh Applicant

ROBERT HUTCHINGS
Eighth Applicant

MARIA HUTCHINGS
Ninth Applicant

AND: MACQUARIE EQUITIES LIMITED ACN 002 574 923
Respondent

JUDGE:	GORDON J
DATE OF ORDER:	23 OCTOBER 2008
WHERE MADE:	MELBOURNE

OTHER MATTERS:

The parties consent to the cross-vesting to the Federal Court of Australia, South Australian District Registry, proceedings numbered 1458, 1459 and 1478 of 2008 in the Supreme Court of South Australia, and proceedings numbered 1578, 1589, 1590 and 1603 of 2008 in the District Court of South Australia (“the South Australian proceedings”).

THE COURT ORDERS THAT:

1.The Respondent’s Notice of Motion dated 16 October 2008 be dismissed.

2.The Applicants’ application pursuant to Order 6 Rule 2(b) of the Federal Court Rules be adjourned to 2:30pm on 14 November 2008.

3.Pursuant to section 48 of the Federal Court Act 1976 (Cth) and Order 10 Rule 1(2)(f) of the Federal Court Rules, the proceedings be transferred to the Federal Court of Australia, South Australian District Registry at Adelaide. 

4.By no later than 7 November 2008:

a)the Respondent file and serve a defence;

b)the Applicants file and serve a defence to the South Australian proceedings.

5.The proceedings are adjourned for further directions before Justice Mansfield at 2:30pm on 14 November 2008.

6.Costs reserved.

7.Liberty to apply. 

Note:Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules.

The text of entered orders can be located using eSearch on the Court’s website.

IN THE FEDERAL COURT OF AUSTRALIA
VICTORIA DISTRICT REGISTRY	VID 850 of 2008

BETWEEN:

PETER BAVISTOCK
First Applicant

CHRIS BAVISTOCK
Second Applicant

CLO INVESTMENTS PTY LTD
Third Applicant

DONNA TURNBULL
Fourth Applicant

JAMIE BOWDEN
Fifth Applicant

ADAM BARNEY
Sixth Applicant

VERA DUNAISKI
Seventh Applicant

ROBERT HUTCHINGS
Eighth Applicant

MARIA HUTCHINGS
Ninth Applicant

AND: MACQUARIE EQUITIES LIMITED ACN 002 574 923
Respondent

JUDGE:	GORDON J
DATE:	23 OCTOBER 2008
PLACE:	MELBOURNE

REASONS FOR JUDGMENT

1. This proceeding presented interesting questions of case management of multiple proceedings in multiple jurisdictions involving a number of the same parties and the same or similar issues of fact and law.  On 10 October 2008, Peter Bavistock and a group of eight others filed an application and statement of claim in this Court against Macquarie Equities Ltd (“Macquarie”).  In general terms, the applicants are clients of Macquarie who allege that Macquarie mishandled their money by, amongst other things, increasing the limits on the clients’ margin loan accounts and in engaging in high risk margin trades without the clients’…