Australia Leading Case contracting outchinese wallsimputed knowledge

ASIC v Citigroup Global Markets Australia Pty Ltd (No 4)

[2007] FCA 963; (2007) 160 FCR 35

JurisdictionAustralia

CourtFederal Court of Australia (Jacobson J)

Year2007

StatusPersuasive authority

Key Principle

An investment bank can contractually exclude a fiduciary relationship with its client by clear terms in an engagement letter; whether a financial institution owes fiduciary duties depends on the dealings, and adequate information barriers ('Chinese walls') can negate the imputation of knowledge for insider-trading purposes.

Area of Law

Company, Insolvency & Banking

Related Cases

ASIC v Plymin (Water Wheel) / Elliott v ASIC [2003] VSC 123; (2003) 46 ACSR 126

Spies v The Queen [2000] HCA 43; (2000) 201 CLR 603

Briggs v James Hardie & Co Pty Ltd (1989) 16 NSWLR 549

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