Tomasetti v Brailey

This case concerned appeals from a primary judge's decision regarding claims of misleading or deceptive conduct and negligence against a financial adviser and associated entities in relation to investments in managed agricultural schemes. The appellants, Mr. Tomasetti, Tomasetti Investments Pty Ltd, and Ms. Cordony, alleged that the financial adviser made misrepresentations about the risks and suitability of these investments. The primary judge had made findings on most issues, including credit, but had not finally determined the issue of causation.

The legal issues before the Court of Appeal included whether the financial adviser had adequately apprised the appellants of the investment risks, whether the provision of prospectuses and product disclosure statements was sufficient, and whether the appellants had proven the content of their conversations with the adviser. The court also considered whether the primary judge had paid adequate regard to concessions made in cross-examination, the reliability of such concessions, and whether the respondent had reasonable grounds for making representations about future matters. Furthermore, the court had to determine whether the causation issue should be remitted to the primary judge, and if so, for what purpose. Other issues raised on appeal, though not central to the outcome, included proportionate liability, limitations, partnership, and the taxability of damages.

The Court of Appeal dismissed the appeals of Mr. Tomasetti and Tomasetti Investments Pty Ltd, upholding the primary judge's findings. However, the appeal by Ms. Cordony in relation to her claims against the first and fourth respondents was allowed. The court set aside the judgment and costs orders in favour of the first and fourth respondents concerning Ms. Cordony's claims and remitted the proceedings to the primary judge for the determination of the causation issue. The court also made orders regarding the costs of the appeals.