In ABN AMRO Bank NV v Bathurst Regional Council [2014] FCAFC 65 the Federal Court of Australia Full Court rejected the appeal of ABN Amro, Standard & Poors ratings agency and the product seller against the trial decision to hold them liable for losses incurred by 13 local councils which purchased a structured financial product known as a constant proportion debt obligation or CPDO (discussed here).

The findings of misleading and deceptive conduct were upheld as well as the conclusion that the product was a “derivative”.