In Blue Dog Group Pty Ltd v Australian Securities & Investments Commission [2024] QSC 233, Blue Dog Group alleged that the Australian Securities & Investments Commission (ASIC) conspired with other defendants to harm them by breaching the Corporations Act 2001. They claimed ASIC acted in bad faith, participating in misleading conduct related to shares of Blue Sky Alternative Investments Limited. Blue Dog sought damages under s 1041I of the Act but faced challenges as ASIC has statutory immunity provided by the Australian Securities and Investments Commission Act 2001, which requires actions to be in bad faith to claim damages. After multiple amendments to their pleadings, the court found Blue Dog's allegations insufficiently substantiated to demonstrate bad faith by ASIC. Consequently, the court refused Blue Dog the leave to replead its claims against ASIC, dismissed their claim, and ordered them to pay ASIC's costs.
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