Goodridge v Macquarie Bank Limited [2010] FCA 67

Goodridge v Macquarie Bank Limited [2010] FCA 67

The loan and security agreement was not validly novated or assigned to Leveraged Equities due to inseverable obligations and rights; Mr Goodridge had not received notice of assignment, the margin calls and forced sales by Leveraged Equities were not authorised, Leveraged Equities acted unconscionably under s 12CB of the ASIC Act, and Mr Goodridge was entitled to have his property restored and to compensatory damages assessed at the time of judgment.

Parties
Applicant: Ross Ian Goodridge; First Respondent: Macquarie Bank Limited (ABN 46 008 583 542); Second Respondent: Leveraged Equities Limited
Jurisdiction
Australia
Judgment Date
12 February 2010
Procedural Posture
Civil / Final Judgment
Outcome
Applicant's claim upheld
Legal Topics
Assignment and Novation, Margin Lending, Banker/customer Relationship, Unconscionable Conduct, Mitigation of Damages
Contract Law Banking and Finance Law Equity Trade and Commerce Damages Assignment and Novation Margin Lending Banker/customer Relationship +2 more

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Parties

Ross Ian Goodridge

Applicant

Macquarie Bank Limited (ABN 46 008 583 542)

First Respondent

Leveraged Equities Limited

Second Respondent

Procedural Posture

Civil / Final Judgment

Legal Issues

  1. 1 Whether the loan and security agreement was validly novated or assigned
  2. 2 Whether margin calls issued by Leveraged Equities were valid
  3. 3 Whether notice of assignment was given to Mr Goodridge

Ratio Decidendi

The loan and security agreement was not validly novated or assigned to Leveraged Equities due to inseverable obligations and rights; Mr Goodridge had not received notice of assignment, the margin calls and forced sales by Leveraged Equities were not authorised, Leveraged Equities acted unconscionably under s 12CB of the ASIC Act, and Mr Goodridge was entitled to have his property restored and to compensatory damages assessed at the time of judgment.

Court Disposition

Applicant's claim upheld

Orders

  • Parties to bring in short minutes of order to give effect to the reasons