Cadence Asset Management Pty Ltd and Others v Concept Sports Ltd and Others

Cadence Asset Management Pty Ltd and others brought an action against Concept Sports Ltd and others, seeking damages, contribution or indemnity from Baker & McKenzie and Munro in relation to the preparation and distribution of a prospectus for a public offering of shares in CSL. The plaintiffs alleged that the prospectus contained misleading statements or omissions, in breach of certain sections of the Corporations Act 2001 (Cth) and the Fair Trading Act 1999 (Vic). The defendants, Baker & McKenzie and Munro, argued that the cross claims were not adequately particularised and did not identify the case they would have to meet.

The central issue before the court was whether the cross claims filed by CSL and the Directors were sufficiently particularised and identified the case they would have to meet. The defendants argued that the amended cross claims did not adequately identify the case they would have to meet. Finkelstein J had to determine whether the cross claims met the necessary standard of particularisation and if they adequately identified the case the defendants would have to meet.

Finkelstein J found that the cross claims were adequately particularised and identified the case the defendants would have to meet. He held that the amended cross claims were sufficient to inform the defendants of the case they would have to meet and that the defendants were not prejudiced in their ability to defend the claims. The court dismissed the notices of motion filed by the second and third cross respondents.

This decision highlights the importance of particularisation in cross claims and the need for the claims to adequately identify the case the defendants will have to meet. The court found that the cross claims in this case met the necessary standard of particularisation and identified the case the defendants would have to meet. The court's decision provides guidance on the standard of particularisation required in cross claims and the need for the claims to adequately inform the defendants of the case they will have to meet.