The corporate watchdog's case announced yesterday against Centro directors may trigger a class action targeting the shopping centre owner's auditor, PricewaterhouseCoopers.

The Australian Securities and Investments Commission announced yesterday it had launched civil proceedings in the Federal Court against eight former and current Centro directors and executives after claims that more than $2bn worth of debt was incorrectly classified in its 2007 financial year accounts.

The proceedings, set for hearing on November 20, are the first against directors of a listed company since the global financial crisis began.

The Australian