MISLEADING OR DECEPTIVE CONDUCT – where plaintiffs purchased shares in racehorse – whether defendant made representations that the investment was safe and that it did not matter if the horse won a race or not because the bloodlines made it a valuable stud prospect.

CONTRACT – where owners authorised the defendant to enter the horse in the Magic Millions auction – whether the defendant was authorised to sell the plaintiffs shares at a private sale without notice to the plaintiffs.

Plaintiffs’ claims against the defendant for misleading or deceptive conduct dismissed. Plaintiffs entitled to declarations in relation to their respective ownership of the shares in the horse and to an account from the second defendant.