lawsuit

Centro Property Group (ASX:CNP) directors failed to see obvious mistakes in the company's financial reports, according to a ruling by federal court judge John Middleton yesterday. He said that "infinite knowledge or ability" was unnecessary to catch the multi-billion dollar slip.

Centro Property Group (ASX:CNP) directors are on the chopping block this morning as the Federal Court is expected to decide whether they should be held responsible for failing to do due diligence. The directors failed to disclose billions of dollars of short term debt on the company's 2006-07 financial reports.

OZ Minerals (ASX:OZL) has agreed to settle two class action suits for $60 million, with the amount to be taken from its net profit this year. The $55.1 million settlement payment added $4.9 million in costs, all to be taken out of OZ's cash reserves.

Agricultural chemicals group, Nufarm (ASX:NUF) have had two separate class action lawsuits filed against the company.

Founder of collapsed childcare group ABC Learning Centres has filed a lawsuit to ASX listed stockbroker, Austock Group (ASX:ACK).

Billabong International (BBG) the company that concentrates in the skate, snow and surf apparel and accessories manufacturing and distributing has come into the spotlight once again after CV Bali Balance (CVBB) dragged the surfwear retailer in a Bali court for around $168 million worth of damages which allegedly was caused from Billabong following the cancellation of a distribution license during the year 2005 by the Gold Coast company.