Ann: CNP - class action litigation settlement dis, page-5

re: Ann: CNP - class action litigation settle...
Here it is, straight from the ASX today:



10 May 2012
Conditional settlement of class actions
CNPR Group (ASX: CNP) has today reached an agreement to settle six proceedings,
including a number of related shareholder class actions, brought against certain Centro
entities on behalf of group members represented by Maurice Blackburn and Slater & Gordon
in the Federal Court in Melbourne.
These proceedings were commenced on behalf of shareholders who acquired securities in
(what was then) Centro Properties Group and Centro Retail Group in 2007 and early 2008.
PricewaterhouseCoopers (Centro’s auditors during the relevant period) and certain of its
related entities (PwC) are sued in a number of the shareholder class actions and are also
parties to the settlement.
CNPR Group will contribute $10 million to a total settlement amount in respect of all
proceedings of $200 million, which amount will be allocated between the Maurice Blackburn
and Slater & Gordon claims. The balance of the total settlement amount will be comprised
of:
· $67 million from PwC;
· $85 million from Centro Retail Australia; and
· $38 million from available insurance proceeds.
The shareholder class actions were filed in 2008 and 2010, and sought damages
substantially greater than the total settlement amount. The hearing commenced in the
Federal Court on 5 March 2012 and was scheduled to run until early June 2012. The
proceedings, which focussed on the disclosure of liabilities in the Centro Group’s audited
accounts for FY07, represent some of the most complex shareholder class actions in
Australia to date, with over twenty parties and a significant number of cross-claims. More
than thirty lay and expert witnesses were called to give evidence at the trial.
The settlement of the proceedings is subject to approval of the Court and will be
administered in accordance with a Settlement Scheme. If the settlement is approved by the
Federal Court, the proceedings, including the class action proceedings, will be dismissed
without admission of liability.
For more information about CNP, please visit the CNP website at centroinvestor.com.au.
ASX/MEDIA