Curve Securities Pty Ltd v Young (No 2) [2022] NSWSC 1436

Curve Securities Pty Ltd v Young (No 2) [2022] NSWSC 1436

The Proposed List Statement was sufficiently clear to allow the impugned amendments. The pleading of s 183 misuse identified Curve's Business Information, alleged use between 17 August 2020 and 17 August 2021, and particularised use by Mr Young knowing which clients to approach, how to contact them, and what offers could undercut Curve's margins and brokerage rates. The fiduciary duty allegations identified the relevant conduct, pleaded that it was a dishonest and fraudulent design and breach of fiduciary duty, and stated why it transgressed ordinary standards of honest behaviour. The allegations against Ord Minnett were not demurrable because the pleading alleged knowledge of the...

Jurisdiction
Australia
Judgment Date
21 October 2022
Procedural Posture
Equity Commercial List Procedural Ruling Concerning Amendment of Commercial List Statement and Strike Out Application / Notice of Motion for Leave to Amend; Opposing Strike Out Application
Outcome
Plaintiff granted leave to amend its Commercial List Statement; defendants' objections to the identified amendments were rejected; Curve to pay costs thrown away by the amendment, with further submissions invited on the form of the costs order.
Legal Topics
['leave to Amend Pleadings' 'commercial List Statement' 'strike Out' 'use of Information Under S 183 of the Corporations Act 2001 (cth)' 'fiduciary Duties' 'accessorial Liability' 'costs Thrown Away by Amendment']
['practice and Procedure' 'corporations Law' 'equity' 'employment Obligations'] ['leave to Amend Pleadings' 'commercial List Statement' 'strike Out' 'use of Information Under S 183 of the Corporations Act 2001 (cth)' 'fiduciary Duties' 'accessorial Liability' 'costs Thrown Away by Amendment']

Case Brief

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Procedural Posture

Equity Commercial List Procedural Ruling Concerning Amendment of Commercial List Statement and Strike Out Application / Notice of Motion for Leave to Amend; Opposing Strike Out Application

Legal Issues

  1. 1 ["Whether Curve should have leave to amend its Commercial List Statement to plead Mr Young's alleged breach of s 183 of the Corporations Act 2001 (Cth) arising from or incidental to the alleged Arrangement." 'Whether the Proposed List Statement sufficiently identified what information Mr Young allegedly used, when it was used, and how it was used.' "Whether the Proposed List Statement sufficiently pleaded allegations concerning Ord Minnett's involvement in Mr Young's alleged dishonest and fraudulent breach of fiduciary duty." 'Whether an order should be made for immediate payment of $100,000 on account of costs thrown away by the amendment.']

Ratio Decidendi

The Proposed List Statement was sufficiently clear to allow the impugned amendments. The pleading of s 183 misuse identified Curve's Business Information, alleged use between 17 August 2020 and 17 August 2021, and particularised use by Mr Young knowing which clients to approach, how to contact them, and what offers could undercut Curve's margins and brokerage rates. The fiduciary duty allegations identified the relevant conduct, pleaded that it was a dishonest and fraudulent design and breach of fiduciary duty, and stated why it transgressed ordinary standards of honest behaviour. The allegations against Ord Minnett were not demurrable because the pleading alleged knowledge of the...

Court Disposition

Plaintiff granted leave to amend its Commercial List Statement; defendants' objections to the identified amendments were rejected; Curve to pay costs thrown away by the amendment, with further submissions invited on the form of the costs order.

Orders

  • ['Plaintiff granted leave to amend its Commercial List Statement to include the Proposed List Statement allegations considered in the reasons.' 'Subparagraph C40(f) and paragraph C42 were allowed as part of the Proposed List Statement.' 'Curve must pay the costs thrown away by its amendment to the Commercial List...