Walker v Citigroup Global Markets Australia Pty Limited (formerly known as Salomon Smith Barney Australia Securities Pty Limited) [2006] FCAFC 135

Walker v Citigroup Global Markets Australia Pty Limited (formerly known as Salomon Smith Barney Australia Securities Pty Limited) [2006] FCAFC 135

The Court gave effect to its earlier reasons by allowing Walker's appeal in VID 77 of 2006, dismissing Citigroup Global Markets Australia Holdings Pty Limited's appeal in VID 233 of 2006, allowing Walker's cross-appeal, varying the monetary orders made by Kenny J, awarding interest calculated by midpoint dates where appropriate, and ordering the Citigroup companies to pay Walker's costs on a party and party basis up to and including 13 April 2006 and on an indemnity basis thereafter.

Jurisdiction
Australia
Judgment Date
31 August 2006
Procedural Posture
Appeals and Cross Appeal From a Single Judge of the Federal Court of Australia / Orders Following Reasons for Judgment and Written Submissions on the Appropriate Orders
Outcome
VID 77 of 2006: appeal allowed. VID 233 of 2006: appeal dismissed and cross-appeal allowed.
Legal Topics
['appeal Disposition' 'cross Appeal Disposition' 'consequential Relief' 'lost Earnings' 'interest Calculation' 'indemnity Costs' 'set Off']
['civil Procedure' 'damages' 'costs' 'trade Practices'] ['appeal Disposition' 'cross Appeal Disposition' 'consequential Relief' 'lost Earnings' 'interest Calculation' 'indemnity Costs' 'set Off']

Case Brief

Summary, issues, holding and outcome

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Procedural Posture

Appeals and Cross Appeal From a Single Judge of the Federal Court of Australia / Orders Following Reasons for Judgment and Written Submissions on the Appropriate Orders

Legal Issues

  1. 1 ['What orders should be made to give effect to the reasons for judgment delivered on 23 June 2006.' 'Whether Citigroup Global Markets Pty Limited should be permitted to challenge the amount of lost earnings in VID 77 of 2006.' 'How interest should be calculated on the monetary awards.' 'What costs orders should be made, including whether Walker should recover indemnity costs from 14 April 2006.']

Ratio Decidendi

The Court gave effect to its earlier reasons by allowing Walker's appeal in VID 77 of 2006, dismissing Citigroup Global Markets Australia Holdings Pty Limited's appeal in VID 233 of 2006, allowing Walker's cross-appeal, varying the monetary orders made by Kenny J, awarding interest calculated by midpoint dates where appropriate, and ordering the Citigroup companies to pay Walker's costs on a party and party basis up to and including 13 April 2006 and on an indemnity basis thereafter.

Court Disposition

VID 77 of 2006: appeal allowed. VID 233 of 2006: appeal dismissed and cross-appeal allowed.

Orders

  • ['In VID 77 of 2006, the appeal be allowed.' 'In VID 77 of 2006, paragraph 1 of the orders made by Kenny J on 19 December 2005 (VID 531 of 1998) be varied by substituting $3 783 704.21 for $41 566.00, $2 346 553.00 for $22 917.00 and $1 437 151.21 for $18 649.00.' "In VID 77 of 2006, the respondent is to pay the...