Valcorp Australia Pty Ltd v Angas Securities Limited (No 2)

Valcorp Australia Pty Ltd appealed against a decision of the trial judge which found that it had breached fiduciary duties to three other parties: Angas Securities Limited, AGL Energy Limited, and EnergyAustralia Corporation Limited. Valcorp cross-appealed against the damages awarded to the respondents. The respondents in turn appealed against the dismissal of their claim for aggravated and exemplary damages. The case came before the Full Court of the Federal Court of Australia.

The two main issues for the court were the quantum of damages to be awarded to the respondents and the costs orders. The court needed to decide if the trial judge had erred in his assessment of the damages and if there should be a costs order for the parties. The court also needed to determine whether there should be a costs order for the appeal and the cross-appeal.

The Full Court found that the trial judge had not erred in his assessment of the damages owed by Valcorp to the respondents. The court held that the trial judge had properly considered all the relevant factors and that the damages awarded were fair and reasonable. The court dismissed the appeal against the damages. The Full Court found that the respondents were entitled to aggravated and exemplary damages and remitted the matter to the trial judge to determine the appropriate amount. The court held that the trial judge had not considered all the relevant factors and that the respondents were entitled to some form of compensation for the breach of fiduciary duties. The court held that the trial judge had erred in dismissing the claim for aggravated and exemplary damages. The Full Court held that the parties should bear their own costs for the appeal and cross-appeal and that the respondents should pay 60% of the costs of the appellant’s appeal. The court held that the parties should bear their own costs for the proceedings at first instance.

The Full Court dismissed the cross-appeal and ordered that there be judgment for the respondents against the appellant for damages. The court ordered that the respondents pay interest on the sums awarded and that the parties bear their own costs for the proceedings. The Full Court held that the respondents should pay 60% of the costs of the appellant’s appeal. The court held that the parties should bear their own costs for the proceedings at first instance.