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Shareholder class action against property and retail group
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.