The plaintiff is a unit holder in the Murray-Goulbourn Unit Trust which is wholly owned by Murray Goulburn Co-Operative Co. Limited. This relationship and the profit sharing mechanism between the two bodies was governed by the product disclosure statement (PDS) of the trust. The plaintiff alleges that the PDS contained misleading representations that were incorrect, alternatively there were no reasonable grounds for making the same. Further, it is said that information in the PDS was not kept up to date. Accordingly, it is alleged that the PDS was “defective”. It is also said that the directors consented to the inclusion of the misleading representations or statements in the PDS. All of this is said to have caused loss and damage to the plaintiff and group. The defendant’s application for summary dismissal was rejected. The court also rejected the plaintiff’s amended statement of claim with the view of passing judgment on the matter at a future hearing.
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