It is being reported that the class action against the directors of Centro is to settle for $200m. The full article on the Age website can be read here.
Highlights, according to this report, are –
- A global settlement has been reached that takes in Centro, its directors and auditor PricewaterhouseCoopers,
- It is suggested in the Age that PwC might pay as much as a third of the settlement, although it is difficult to assess how reliable that detail may be, given that apparently discussions finalising details of the deal are ongoing,
- It is believed to be the largest settlement ever reached in an Australian shareholder class action.
- Shares of litigation funder IMF, which is backing the class action claim run by Maurice Blackburn, entered a trading halt this morning, pending the earlier of an announcement as to the Centro settlement or the start of trade Thursday morning,
- Centro Retail Australia has also requested a trading halt for its shares.
My previous posts regarding the Centro class action can be read here and here.