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O’Hara v. ACC Bank – HC – Claim against financial institution, issue estoppel, accrual of cause of action
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High Court (Charleton J) a) dismisses action by one plaintiff, on the grounds that the matter had already been substantially dealt with by the Financial Services Ombudsman; and b) refuses application to dismiss claim by another plaintiff, on the grounds that it was not statute-barred.
Application to dismiss proceedings - purchase of "Solid World Bond" with borrowed money - money lent by defendant bank - bond marketed by defendant bank - loss of money when bond "underperformed" - whether issue of liability already determined by Financial Services Ombudsman (FSO) - whether claims statute barred - function of FSO - informality of FSO procedures - whether issues before court substantially the same as those heard by FSO - issue estoppel - limitation of action - accrual of cause of action - whether accrual occurs on date of breach or on date of discovery of damage - whether cause of action accrued when financial loss crystallised.
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