Shareholder class action against property and retail group
![Shareholder class action against property and retail group](https://omnibridgeway.com/images/default-source/case-studies/realty-group6bcbddbb-0ab6-40ba-bd13-8eb8a1f3fe73.jpg?sfvrsn=22221530_3)
This was a shareholder class action alleging that Centro Properties breached their obligations of continuous disclosure. In August 2007 Centro stated they had no interest-bearing obligations on their balance sheet as at 30 June 2007. On disclosure in February 2008, they stated their interest obligation was $2.7 billion. This led to a sharp drop in share price and some shareholders lost their life savings. Settlement to Omni Bridgeway clients was A$150 million from an overall A$200 million settlement. At the time, this was the largest class action settlement in Australian legal history.