Maurice Blackburn Fight BackNews
Record-breaking $200m Centro class action win
In the largest court case in Australia this year, Maurice Blackburn and IMF (Australia) have secured a major victory for Centro shareholders with an agreement to deliver a $200 million payout to end the long-running case.
The case involved allegations that Centro and its former auditors, PricewaterhouseCoopers, engaged in misleading and deceptive conduct and that Centro breached its obligations of continuous disclosure.
Orders on the settlement were agreed in the Federal Court on 10 May 2012 and a settlement approval hearing will take place in the Federal Court on 19 June 2012.
Maurice Blackburn Class Actions Principal Martin Hyde said the agreement was a major win for shareholders, with $150 million to go to Maurice Blackburn group members who have been funded by IMF (Australia) and the remaining $50 million to Slater and Gordon group members (including costs).
"Our clients range from individuals, some of whom lost their life savings on Centro, through to the country's largest financial institutions. We are very pleased to have secured for our clients, an agreement to deliver the biggest class action settlement in Australian legal history," Mr Hyde said.
"This sends a strong message that corporations and their advisors will be held accountable to shareholders if their conduct falls short of what the law requires."
Watch the video, made the day before orders were officially agreed in court over the settlement. Maurice Blackburn's Martin Hyde and IMF (Australia)'s Wayne Astill explain why the settlement is so important for all Australian shareholders.
Read AAP's story in the Sydney Morning Herald after the settlement was officially agreed in court
Read Mike Hedge's story on Yahoo 7 News before the settlement was officially agreed in court