Shannon & Anor v ANZ Banking Group Ltd

The applicants, Shannon and another, brought proceedings against ANZ Banking Group Ltd in the High Court of Australia. The dispute concerned the validity of certain loan agreements and securities entered into between the parties.

The High Court was required to determine whether the loan agreements and securities were void for illegality, specifically by reason of contravening provisions of the *Securities Industry (Victoria) Code* and the *Securities Industry Act 1980* (Cth). A further issue was whether the applicants were entitled to relief under s 82 of the *Trade Practices Act 1974* (Cth) for alleged misleading or deceptive conduct by the bank.

The Court held that the loan agreements and securities were not void for illegality. It reasoned that the relevant provisions of the *Securities Industry (Victoria) Code* and the *Securities Industry Act 1980* (Cth) did not render such agreements void. Furthermore, the Court found that the applicants had not established that the bank engaged in misleading or deceptive conduct in contravention of s 52 of the *Trade Practices Act 1974* (Cth). The applicants' claims were therefore dismissed.