In the matter of Citigroup Global Markets Australia Pty Limited (No 2)

The matter before the court was between Citigroup Global Markets Australia Pty Limited, the defendant, and an unnamed plaintiff. The plaintiff sought to recover damages arising from alleged breaches of contract and misleading and deceptive conduct in relation to a financial product. The defendant applied for summary dismissal or, in the alternative, striking out of the plaintiff's claim. The court was required to determine whether the claim, as formulated, could succeed, and if not, whether the application should be granted.

The court considered whether the plaintiff's claim disclosed a reasonable cause of action and whether it was appropriate to grant the defendant's application. The court held that the plaintiff's claim could not succeed as formulated, as it failed to properly allege certain facts necessary for a cause of action. However, the court determined that it was not appropriate to strike out the claim at that stage. Instead, the court ordered the plaintiff to amend its pleadings to properly allege the necessary facts.

The court ordered the plaintiff to amend its pleadings to properly allege the necessary facts and directed the parties to confer in an attempt to reach an agreement on the proposed amendments. If the parties were unable to reach an agreement, the matter was to proceed to a directions hearing. The court did not make any orders as to costs at that stage, reserving the issue for determination at a later time.