ACN 117 641 004 Pty Ltd (in liq) v S&P Global, Inc (No 4) [2025] FCA 72

ACN 117 641 004 Pty Ltd (in liq) v S&P Global, Inc (No 4) [2025] FCA 72

It is inappropriate to rule on the admissibility of the applicants' expert evidence in advance of trial where doing so would require the resolution of complex pleading issues, detailed examination of the documents, or assessment of expert qualifications, all of which are better left until the trial when submissions and the full evidentiary context are available. The interlocutory applications for advance ruling under s 192A are accordingly dismissed and costs are reserved.

Parties
First Applicant: ACN 117 641 004 Pty Ltd (in liq) (in its capacity as trustee of the Vale Cash Management Fund); Second Applicant: City of Cockburn ABN 27 471 341 209; First Applicant: YAF Master (WK-155253) (a company incorporated in Cayman Islands); Second Applicant: Basis Pac-Rim Opportunity Fund (Master) (in voluntary liquidation) (WK-155158) (a company incorporated in Cayman Islands); First Respondent: S&P Global, Inc (a company incorporated in New York); Second Respondent: Standard & Poor's International, LLC (a company incorporated in Delaware)
Jurisdiction
Australia
Judgment Date
06 February 2025
Procedural Posture
Interlocutory Applications in Class Actions / Investor Proceedings / Interlocutory (advance Ruling on Admissibility of Expert Evidence)
Outcome
Interlocutory applications dismissed; costs reserved.
Legal Topics
Admissibility of Expert Evidence, Opinion Rule, Case Management, Tort of Deceit, Pleadings and Particulars
Evidence Civil Procedure Admissibility of Expert Evidence Opinion Rule Case Management Tort of Deceit Pleadings and Particulars

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Parties

ACN 117 641 004 Pty Ltd (in liq) (in its capacity as trustee of the Vale Cash Management Fund)

First Applicant

City of Cockburn ABN 27 471 341 209

Second Applicant

YAF Master (WK-155253) (a company incorporated in Cayman Islands)

First Applicant

Basis Pac-Rim Opportunity Fund (Master) (in voluntary liquidation) (WK-155158) (a company incorporated in Cayman Islands)

Second Applicant

S&P Global, Inc (a company incorporated in New York)

First Respondent

Standard & Poor's International, LLC (a company incorporated in Delaware)

Second Respondent

Procedural Posture

Interlocutory Applications in Class Actions / Investor Proceedings / Interlocutory (advance Ruling on Admissibility of Expert Evidence)

Legal Issues

  1. 1 Whether advance ruling on the admissibility of expert evidence should be given under s 192A of the Evidence Act 1995 (Cth) before trial
  2. 2 Whether certain expert reports should be held inadmissible in their entirety
  3. 3 Whether the expert opinions are properly based on specialised knowledge and reasoning

Ratio Decidendi

It is inappropriate to rule on the admissibility of the applicants' expert evidence in advance of trial where doing so would require the resolution of complex pleading issues, detailed examination of the documents, or assessment of expert qualifications, all of which are better left until the trial when submissions and the full evidentiary context are available. The interlocutory applications for advance ruling under s 192A are accordingly dismissed and costs are reserved.

Court Disposition

Interlocutory applications dismissed; costs reserved.

Orders

  • The interlocutory application filed on behalf of the First Respondent and Second Respondent (NSD881 of 2020) on 23 December 2024 be dismissed.
  • The interlocutory application filed on behalf of the First Respondent and Second Respondent (NSD73 of 2021) on 17 January 2025 be dismissed.