Shareholder class action concerning breach of continuous disclosure of debt obligations

Omni Bridgeway funded a shareholder class action against Centro Properties and Centro Retail (collectively, Centro) alleging that in the period August 2007 to February 2008, Centro breached obligations of continuous disclosure in relation to debt obligations. In August 2007 Centro stated that they had no interest-bearing obligations on their balance sheet as at 30 June 2007. However, upon disclosure in February 2008, they stated their interest obligation was AUD2.7 billion. Settlement to Omni Bridgeway’s clients was AUD150 million from an overall AUD200 million settlement, the largest class action settlement in Australian legal history at the time.