Stack v AMP Financial Planning Pty Limited (No 2) [2021] FCA 1479

Stack v AMP Financial Planning Pty Limited (No 2) [2021] FCA 1479

The respondents have not established that the proceeding will not provide an efficient and effective means of dealing with the claims of group members under s 33N(1)(c) of the Federal Court of Australia Act 1976 (Cth). There are sufficient common systems, policies, processes, and issues (particularly regarding s 961L), allowing efficient resolution via representative proceedings, and the interests of justice favour access to remedy and avoidance of multiple proceedings. Application to de-class dismissed.

Jurisdiction
Australia
Judgment Date
25 November 2021
Procedural Posture
Representative Proceeding (class Action) / Application to De Class Proceeding Under S 33 N(1) Dismissed; Interlocutory Stage
Outcome
Respondents' application under s 33N(1) dismissed; proceeding continues as representative proceeding; costs in the cause.
Legal Topics
['representative Proceedings' 'best Interests Duty' 'conflict of Interest' 'fiduciary Duty' 'anti Avoidance' 'misleading or Deceptive Conduct' 'unconscionable Conduct' 'remediation Schemes']
['corporations' 'commercial Law' 'contract Law' 'equity'] ['representative Proceedings' 'best Interests Duty' 'conflict of Interest' 'fiduciary Duty' 'anti Avoidance' 'misleading or Deceptive Conduct' 'unconscionable Conduct' 'remediation Schemes']

Case Brief

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Procedural Posture

Representative Proceeding (class Action) / Application to De Class Proceeding Under S 33 N(1) Dismissed; Interlocutory Stage

Legal Issues

  1. 1 ['Whether representative proceeding is an efficient and effective means of dealing with claims (s 33N(1)(c) FCA Act)' 'Commonality of issues between group members' 'Balance between individual issues and common issues' 'Breach of best interests and conflict duties under Corporations Act' 'Breach of fiduciary duty' 'Contractual breaches re ongoing service fees' 'Statutory unconscionable conduct' 'Misleading or deceptive conduct' 'Nature and uniformity of AMP systems, agreements, and products']

Ratio Decidendi

The respondents have not established that the proceeding will not provide an efficient and effective means of dealing with the claims of group members under s 33N(1)(c) of the Federal Court of Australia Act 1976 (Cth). There are sufficient common systems, policies, processes, and issues (particularly regarding s 961L), allowing efficient resolution via representative proceedings, and the interests of justice favour access to remedy and avoidance of multiple proceedings. Application to de-class dismissed.

Court Disposition

Respondents' application under s 33N(1) dismissed; proceeding continues as representative proceeding; costs in the cause.

Orders

  • ["The respondents' application under s 33N(1) of the Federal Court of Australia Act 1976 (Cth) be dismissed." "The parties' costs of and incidental to such application be their costs in the cause."]