Edgar Alan Moray Burns and Yvonne Joy Burns v ANZ National Bank of New Zealand - SC 97/2006

Summary Civil – applicants sought to cancel settlement agreement made with respondent bank – proceedings arose out of claim against bank alleging breach of trust or fiduciary obligation by bank in failing to pay to applicants proceeds of sales of trees made by an agent of the applicants (knowing receipt) – failure on the part of respondent to discover documents which were discovered in a similar subsequent case involving another party – ss 7(3) and (4) Contractual Remedies Act – Court of Appeal found that there was a representation that discovery was adequate or complete when it was inadequate and incomplete – Court of Appeal found that applicants failed in their assertion of existence of agency relationship, having argued vendor/purchaser relationship in previous proceedings – whether Court of Appeal erred in holding that materiality is a necessary element of inducement – whether Court of Appeal erred in speculating how representors would have acted had position not been misrepresented to them to determine substantiality. CA 269/05 27 November 2006