Lock v Australian Securities and Investments Commission [2016] FCA 31

Lock v Australian Securities and Investments Commission [2016] FCA 31

The further amended statement of claim failed to plead sufficient facts to establish a reasonable cause of action for negligence or misfeasance in public office against ASIC; the salient features of duty of care—control, vulnerability, and assumption of responsibility—were not adequately alleged, and causation was...

Source-derived case information.

Jurisdiction
Australia
Judgment Date
04 February 2016
Procedural Posture
Representative Action / Strike Out Application, Judgment
Outcome
Strike out granted, statement of claim struck out
Legal Topics
['negligence' 'misfeasance in Public Office' 'strike Out Application' 'economic Loss' 'duty of Care']
['torts' 'practice and Procedure' 'corporations Law'] ['negligence' 'misfeasance in Public Office' 'strike Out Application' 'economic Loss' 'duty of Care']

Source-derived case record

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 1 Authorities cited 2 Party arguments 2 Amounts and remedies 1
Sign in to unlock

Procedural Posture

Representative Action / Strike Out Application, Judgment

Legal Issues

  1. 1 ['Whether ASIC owed plaintiffs a duty of care to avoid causing economic harm' "Whether ASIC's actions or omissions amounted to misfeasance in public office" 'Whether pleadings would establish a cause of action relied on' "Whether losses suffered were caused by ASIC's conduct"]

Ratio Decidendi

The further amended statement of claim failed to plead sufficient facts to establish a reasonable cause of action for negligence or misfeasance in public office against ASIC; the salient features of duty of care—control, vulnerability, and assumption of responsibility—were not adequately alleged, and causation was not identified with sufficient clarity. The pleaded duties to act or disclose risks were not supported by statutory regime or relationship between the parties; accordingly, the pleading is struck out in its entirety.

Court Disposition

Strike out granted, statement of claim struck out

Orders

  • ['The further amended statement of claim filed on 28 July 2015 be struck out.' "The plaintiffs pay the costs of the defendants' interlocutory application dated 28 April 2015."]