centro class action headed for mediation

By a staff reporter

The lawyers leading the class action against Centro Retail are urging investors to register a claim as the proceedings head towards mediation.

Law firm Slater & Gordon said the Federal Court has ordered the class actions to be mediated by April 17, 2009.

"The mediation is a very positive development in the battle for Centro shareholders to recover the substantial losses they have suffered,” head of class action James Higgins said.

"The mediation comes at an early stage in the proceeding and is indicative of the importance of resolving these claims before the revamped Centro can get on with the job of rebuilding shareholder value and placing the companies on a new path,” he said.

Mr Higgins added that shareholders not yet signed up to the class action will be barred from making a claim against Centro unless they signed up.