I & L Securities Pty Ltd v Lamberts (Australia) Pty Ltd

The plaintiff, I & L Securities Pty Ltd, a company that syndicated loans from a large number of clients, sought damages from the defendant, Lamberts (Australia) Pty Ltd, a valuer, for losses it suffered when it lent money to Mrs Desley Duncan based on the defendant's valuation of property she was purchasing. The property was sold at a loss after Mrs Duncan defaulted on the loan. The plaintiff claimed damages in tort for negligence, for breach of an implied contractual term, and for contravention of the Trade Practices Act 1974. The defendant did not dispute the negligence but alleged that the plaintiff was contributorily negligent. The court found the defendant's valuation was negligent but found the plaintiff was not contributorily negligent. The plaintiff was awarded damages for lost principal, expenses, lost income, and interest.