centro settlement worth $200m

Centro settlement worth $200m



Ben Butler
May 8, 2012 - 11:31AM.

Read more: http://www.theage.com.au/business/centro-settlement-worth-200m-20120508-1y9y9.html#ixzz1uF0g0gGO
Extracted from above article:
The long-running class action against the directors of failed property group Centro is to settle for $200 million, sources say

A second claim, run by rival law firm Slater & Gordon, is being heard at the same time.

It is believed a global settlement has been reached that takes in Centro, its directors and auditor PricewaterhouseCoopers, which was added as a cross-respondent by Centro.

Sources said discussions about details of the deal were continuing, but PwC may pay as much as a third of the settlement.

While the settlement figure is at the lower end of the amount claimed by the shareholders, it is believed to represent the largest settlement ever reached in an Australian shareholder class action.


Professor Ian Ramsay at the Melbourne Law School confirmed the settlement would be the largest in Australian legal history and would set a precedent for shareholder class actions.

"It really is a major settlement - a groundbreaking settlement - in terms of dollar value," Mr Ramsay said