AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 12GF Actions for damages

AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 12GF

  (1)   A person who suffers loss or damage by conduct of another person that contravenes a provision of Subdivision BA (sections   12BF to 12BM), Subdivision C (sections   12CA to 12CC), Subdivision D (sections   12DA to 12DN) or Subdivision DA (sections   12DO to 12DZA) may recover the amount of the loss or damage by action against that other person or against any person involved in the contravention.

  (1A)   Subsection   (1) has effect subject to section   12GNA.

Note:   Section   12GNA may limit the amount that the person may recover for a contravention of section   12DA (Misleading or deceptive conduct) from the other person or from another person involved in the contravention.

  (1B)   Despite subsection   (1), if:

  (a)   a person (the claimant ) makes a claim under subsection   (1) in relation to:

  (i)   economic loss; or

  (ii)   damage to property;

    caused by conduct of another person (the defendant ) that was done in contravention of section   12DA; and

  (b)   the claimant suffered the loss or damage:

  (i)   as a result partly of the claimant's failure to take reasonable care; and

  (ii)   as a result partly of the conduct referred to in paragraph   (a); and

  (c)   the defendant:

  (i)   did not intend to cause the loss or damage; and

  (ii)   did not fraudulently cause the loss or damage;

the damages that the claimant may recover in relation to the loss or damage are to be reduced to the extent to which the court thinks just and equitable having regard to the claimant's share in the responsibility for the loss or damage.

Note:   Subdivision GA also applies proportionate liability to a claim for damages under this section for a contravention of section   12DA.

  (2)   An action under subsection   (1) may be commenced within 6 years after the day on which the cause of action that relates to the conduct accrued.