CORPORATIONS – meaning of debenture in s 9 of the Corporations Act 2001 (Cth) – where respondent operated a digital currency exchange through which customers could buy and sell certain cryptocurrencies – where respondent also offered a Finder application (Finder App) on mobile device platforms through which its customers could, amongst other things, access the “Finder Earn” product – where by investing in the Finder Earn product customers could exchange funds in their account to obtain “TrueAUD” stablecoins ownership of which was transferred to the respondent enabling the customer to earn a “return” quantified in TrueAUD which upon expiry of the term was credited to the customer’s Finder Wallet account in AUD – where primary judge held the respondent’s “Finder Earn” product was not a debenture on the basis that there was no money “deposited with or lent to” the respondent or in the alternative that there was no undertaking by the company to repay as a debt that money
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Australian Securities and Investments Commission v Commonwealth Bank of Australia [2023] FCAFC 135
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Holland v BT Securities Limited (No 2) [2023] FCA 822
CORPORATIONS LAW – margin lending facility opened in 1997 – application for damages – eight causes of action spanning 25 years – claim alleging a failure to provide a product disclosure statement contrary to the Corporations Act 2001 (Cth) – whether the Corporations Act required the defendant to provide a product disclosure statement and supplementary…
