Centro launched its cross-claim in the Federal Court yesterday, alleging auditors PricewaterhouseCoopers should assume part or all of the blame over claims it failed to disclose the debt that led to its near collapse.

The shopping centre owner faces $1billion shareholder class actions, and there were indications in March that Centro was likely to launch a cross-claim against PwC.

Centro was back in court yesterday, and obtained leave to make the cross-claim, which PwC indicated would be "vigorously" defended.

The Australian