Tosich v Tasman Investment Management Limited

The dispute before the Court involved John Tosich, who brought an action against Tasman Investment Management Limited and Colin Philip Warne. Tosich sought damages for alleged breaches of fiduciary duty and negligence. Additionally, All Saints Investments Pty Limited joined the action as a plaintiff but later withdrew its claims. Tasman Investment Management Limited and Warne brought cross-claims against American Home Assurance Company and Aon Risk Services Australia Limited. The primary legal issues before the Court were whether Tosich's claims against Tasman Investment Management Limited and Warne were substantiated and if the cross-claims brought by Tasman Investment Management Limited and Warne against the other defendants were valid.

The Court found that Tosich's claims against Tasman Investment Management Limited and Warne were substantiated. The Court held that Tasman Investment Management Limited and Warne breached their fiduciary duties and were negligent in their conduct. As a result, judgment was entered in favour of Tosich against the defendants in the sum of $183,616.91. Conversely, the claims brought by All Saints Investments Pty Limited were dismissed. Regarding the cross-claims, the Court dismissed the claim against American Home Assurance Company and ruled in favour of Tasman Investment Management Limited and Warne against Aon Risk Services Australia Limited, awarding them $147,679.03.

The Court's decision resulted in several orders. Firstly, judgment was entered for Tosich against Tasman Investment Management Limited and Warne for the specified sum, with the defendants ordered to pay Tosich's costs. The proceedings brought by All Saints Investments Pty Limited were dismissed, and each party to these proceedings was to bear their own costs. The cross-claim against American Home Assurance Company was dismissed, with Tasman Investment Management Limited and Warne ordered to pay the company's costs. The cross-claim against Aon Risk Services Australia Limited was successful for Tasman Investment Management Limited and Warne, who were awarded damages and a portion of their costs from Aon Risk Services Australia Limited. Additionally, Aon Risk Services Australia Limited was ordered to pay Tasman Investment Management Limited and Warne the costs they were liable to pay Tosich. Both the third and fourth cross-claims were dismissed, with each party to bear their own costs.