A Court of Appeal will decline to overrule its own earlier decision on statutory construction where: the earlier decision was unanimous and squarely addressed the arguments; the provision has since been repealed or amended; many cases have been settled and determined on the basis of the earlier interpretation; and Parliament chose to amend prospectively rather than retrospectively. The necessarily retrospective effect of judicial overruling, and the potential for restitutionary claims to disturb settled transactions, are relevant factors militating against overruling. A trial judge is bound to follow a Court of Appeal decision directly on point and cannot decline to do so on the basis of obiter dicta in a later Court of Appeal decision.
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