Perpetual Investment Management Ltd as Responsible Entity for 10 Schemes listed in the Summons

[2014] NSWSC 784

Supreme Court of NSW

Built by Barristers,
For Australian Law.

1. EQUITY — trusts and trustees — application for judicial advice — defence of claim and prosecution of cross claim — trustee responsible entity of numerous substantial commercial managed investment schemes — trustee professional manager of such schemes — whether trustee obliged to apply for judicial advice before defending claim or commencing cross claim — proceedings consequential to calling of meetings of members of listed public companies — proposed amendment of constitutions of companies — objective to achieve divesting of cross shareholding between two public companies — release value to shareholders — counsel providing advice to trustee given limited instructions — trustee authorised to conduct litigation for a short period to give counsel an opportunity to provide a considered opinion on whether trustee's prospects of success are sufficient to warrant continuation of litigation.