Zonia Holdings Pty Ltd (ACN 008 565 286) v. Commonwealth Bank of Australia (ACN 123 123 124)

Baron & Anor v. Commonwealth Bank of Australia (ACN 123 123 124)

Lower Court Judgment

07/05/2025 Federal Court of Australia (Murphy, Moshinsky and Button JJ)
[2025] FCAFC 63; 
04/09/2025 Federal Court of Australia (Murphy, Moshinsky and Button JJ)
[2025] FCAFC 123

Catchwords

Corporations – securities class actions – causation, loss and quantification of loss - where contraventions of continuous disclosure obligations to the Australian Securities Exchange proven – where disclosure of the contravening conduct together with other regulatory action causes share price drop - whether causation and loss established in relation to proportion of share price drop in context of multiple disclosures – where onus lies – whether appellate court erred by failing to determine causation before quantification and conflating failure to establish precise quantum with failure to provide evidence of loss – application of the facilitation principle where precise quantification of loss is difficult or impossible due to defendant’s conduct