Cassimatis v Australian Securities and Investments Commission [2020] FCAFC 53 — “Dystopian Accessorial Liability” or the End of “Stepping Stones” as We Know It?

Abstract

This note focuses on two significant point made by the majority judges in relation to s 180 of the Corporations Act 2001. The first is affirmation of the public nature of the duty of directors in s 180 of the Corporations Act 2001. The second is the point that stepping stones is not in fact a separate ground of liability. Rather, it is a straightforward application of s 180 (or another duty) to the fact of each particular case.