crucial discoveries to come

from: NSD 557 of 2013 Wellington Capital Limited v Waters (No 1) [2014] FCA 329 - 9 April 2014

re kpmg asking for losses assessment–

6 The KPMG parties also seek non-standard discovery of categories 41 and 42 in the schedule attached to their submissions. Categories 41 and 42 are as follows:

41. All minutes of, and papers or packs circulated in advance of or received or considered at, meetings of the board of Wellington or any of the board committees held in the period from and including 1 January 2008 to date referring or relating to the Fund and/or the management of it by MFSIM or Wellington.

42. All documents recording any decision or resolution made by the board of Wellington or any of the board committees in the period from and including 1 January 2008 to date referring or relating to the Fund and/or the management of it by MFSIM or Wellington.

7 Mr Lockhart submitted that these would be relevant to two issues, namely, damages and causation.

8 Part of the losses claimed in the representative proceeding include losses which will be calculated by reference to the value of the units as at the date of trial. Mr Lockhart submitted that, that being so, it was a legitimate line of inquiry to ask whether or not some other transactions, not being the transactions the subject of the proceedings, might be seen as either contributing to or being the cause of that present value of the units; i.e. the value of the units might have been degraded not only by the impugned transactions but by the general manner in which the fund was administered. It seems to me that that argument is sound, at least for the purposes of a discovery application.

Full Judgement in:
http://www.judgments.fedcourt.gov.au/judgments/Judgments/fca/single/2014/2014fca0329
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Perhaps some long-held anxieties may be answered,

Regards,