ONE SHILLING DAMAGES

Grey River Argus, 9 November 1931, Page 8

ONE SHILLING DAMAGES

AGAINST A. AND N.Z. BANK. SUIT BY BROKERS. (Aus. & N.Z. Cable Assn. - ) SYDNEY, November 6. The hearing has concluded of the action by Australian Brokerage Limited against the Australian and New Zealand Banking Corporation. A series of questions was put to the jury who found in favour of the defendant on the allegation of fraudulent misrepresentation and for plaintiff on the cause of action for breach of warranty under the contract. They found there was no loss of profit to the plaintiff company owing to the recession of the agreement with the defendant bank. The jury assessed the loss in. expenditure to plaintiff company in preparing to carry out the agreement with the bank at £2.500. Justice Stephen entered the following verdict: “A verdict is entered for plaintiff for one shilling, such entry by consent ;to be taken as formally returned by the jury under my direction. Charges of breach of warranty .and fraud were based upon statements in defendant company’s prospectus of June 30, 1930, plaintiff company having contracted las; year to be the sole broker of |the defendant company in Australia, with rights to call or underwrite shares, at par, to the extent of two million pound shares in the capital of the defendant company.”