Mytton-Watson and Anor v Commonwealth Bank of Australia

The applicants, Mytton-Watson and Anor, sought leave to appeal to the High Court of Australia against a decision of the Full Federal Court. The dispute concerned the interpretation and application of provisions within the *Corporations Act 2001* (Cth) and the *Australian Securities and Investments Commission Act 2001* (Cth) in relation to alleged misleading or deceptive conduct by the respondent, Commonwealth Bank of Australia. The applicants had been involved in a financial product offered by the bank, and alleged they suffered loss as a result of representations made by the bank.

The primary legal issues before the High Court were whether the Full Federal Court had erred in its construction of the relevant statutory provisions, particularly concerning the scope of liability for misleading or deceptive conduct in the context of financial services. Specifically, the court was asked to consider whether the bank's conduct in relation to the financial product constituted misleading or deceptive conduct within the meaning of the *Australian Securities and Investments Commission Act 2001* (Cth), and whether the applicants had established a causal link between that conduct and their alleged losses.

French CJ, in dismissing the application for leave to appeal, found that the Full Federal Court had correctly applied established legal principles in its assessment of the evidence and the relevant statutory provisions. His Honour noted that the applicants had failed to demonstrate any arguable error of law in the Full Federal Court's findings, which had carefully considered the nature of the representations made by the bank and their impact on the applicants. The application for leave to appeal was therefore refused.