GPT settles class action

Reported by AAP
Wednesday, May 8, 2013
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Property owner GPT Group has settled a class action brought against it by law firm Slater & Gordon for $75 million.

Court hearings began in the case in March, but the two parties on Wednesday announced they had reached a settlement to end the legal action, pending court approval.

GPT will pay a settlement of $75 million, including legal costs, Slater & Gordon said.

The law firm launched the action in 2011, seeking losses suffered by shareholders as a result of alleged misleading conduct by GPT, and alleged failures to disclose financial information.

GPT issued a sizeable earnings and distribution downgrade in July 2008, and Slater & Gordon alleged the company had misled the market about its financial performance in the months before that announcement.

GPT has said it complied with disclosure requirements in 2008, and the settlement includes no admission of liability by GPT.

26/01/2015 21:20Sydney, Australia. 26 January,2015