Daimler Case Update (January 2020): DRRT/TILP action filed in regional court in Stuttgart, Germany seeking €900 million in damages

Last year, we spotlighted the Daimler AG opt-in recovery opportunity for investors brought forward by two groups of organizers – DRRT/TILP and Rotter – click here for the case spotlight.

On December 30, 2019, lawyers from TILP, representing more than 200 institutional investors that held Daimler stock from July 10, 2012 to July 20, 2018, filed in regional court in Stuttgart, Germany.

IN THE NEWS

• Investors seek $1 billion from Daimler over emissions scandal (subscription may be needed)
• Daimler investors seek €900m in damages over diesel scandal (subscription may be needed)

UPDATE

This action, the first filed by TILP, still needs to make its way through the Germany court system. The complaint will now be served on the defendant with a deadline for a statement of defense. They plan to bring an additional action against Daimler on behalf of additional harmed investors later this year.

Learn More

FRT has issued the following alerts to FRT Global Group Litigation clients:

  • Update Alert: June 2019
  • Full Alert: September 2018

For more information on this case or FRT Global Opt-In Litigation service, please contact us at learnmore@frtservices.com.

Additional Materials

About FRT

SETTLED CLAIMS  I  PASSIVE GROUP  I  ANTITRUST  I  FUTURE CLAIMS  I  OPT-IN MONITORING  I  OPT-OUT MONITORING

Founded in 2008, Financial Recovery Technologies (FRT) is a leading technology-based services firm that helps the investment community identify eligibility, file claims and collect funds made available in securities and other class action settlements. Offering the most comprehensive range of claim filing and monitoring services available, we provide best-in-class eligibility analysis, disbursement auditing and client reporting, and deliver the highest level of accuracy, accountability and transparency available. For more information, go to www.frtservices.com.

This communication and the content found by following any link herein are being provided to you by Financial Recovery Technologies (FRT) for informational purposes only and does not constitute advice. All material presented herein is believed to be reliable but FRT makes no representation or warranty with respect to this communication or such content and expressly disclaims any implied warranty under law. Opinions expressed in this communication may change without prior notice. Firms should always seek legal and financial advice specific to their unique situation and objectives.

FRT’s Fast Five: Week Ending January 17, 2020

Financial Recovery Technologies Fast Five provides you with the top news in shareholder class actions. Stay up-to-date on the latest developments in settled (U.S./Canada) claims filing opportunities, Antitrust settlements, Global Group Litigation matters and more. For more information, contact your Financial Recovery Technologies representative or email us.

1. SocGen Reaches Settlement in Libor-Rigging Suit

Societe Generale SA has cut a deal to settle part of the massive Libor-rigging litigation investors have leveled against more than a dozen big banks, although no specifics on the agreement were provided. A group of investors appealing the dismissal of their antitrust claims against several major financial institutions asked the Second Circuit on Tuesday to drop Societe Generale from the challenge, saying they’ve inked a deal with the bank and want the judge handling the underlying case to sign off on it. Click here to read the full article (subscription may be needed).

2. Wirecard Shareholders Seek Own Review into Accounting Scandal

A small group of Wirecard shareholders are attempting to force their own review into allegations of fraud and false accounting at the German fintech. The campaign was launched after Wirecard announced late on Friday night that its longstanding chairman Wulf Matthias had resigned “for personal reasons”, to be replaced by Thomas Eichelmann, the former Deutsche Börse chief financial officer. Wirecard has faced questions over its accounting practices for months after the Financial Times reported concerns raised by whistleblowers, and in October hired big four accountant KPMG to investigate the matter. The lawyer for the investor group said his clients “have seen the stock fall and fall and just want to know wh

at’s going on”. He said the group comprised more than 100 mostly German individual shareholders, family offices and small fund managers, who together own more than 2 percent in the company. Click here to read the full article (subscription may be needed).

3. International Securities Litigation Round-up – January 2020

Local experts in Germany and Denmark provide a summary of the major securities litigation cases in their jurisdiction. The German overview covers the Steinhoff accounting scandal, issues facing investors in shipping funds, and the Porsche and Volkswagen diesel scandals. There also is an overview of securities activity in Denmark, covering the Novo Nordisk, Danske Bank, and OW Bunker A/S cases. Click here to read the full article.

4. In 2020, Securities Class Action Filings Likely to Continue Record Pace

We expect plaintiffs firms to continue filing event-driven litigations—cases where the catalyst is the disclosure or occurrence of a significant event. These triggering events tend to reflect general risks that cut across multiple industries, such as data breaches or other cybersecurity incidents; environmental or other accidents; natural disasters; allegations of sexual misconduct; and alleged regulatory violations. With several cases at the pleadings stage, it may soon become clearer whether event-driven lawsuits are surviving motions to dismiss and thus are gaining traction at the district court level. Click here to read the full article.

5. Estonia Expands Danske Money Laundering Probe to Cover Up to $2 Billion of Transfers

Estonian authorities have expanded their investigation into alleged money laundering through Danske Bank’s local branch to cover transfers of up to $2 billion, the Estonian prosecutor said on Thursday. “We are investigating more than 10 cases with a total amount of up to $2 billion,” said a spokeswoman for the prosecutor general. Widening of the investigation in Estonia adds to pressure on Danske Bank, as the lender and its investors await a potentially much larger fine from U.S. authorities for its involvement in one of the world’s biggest money-laundering scandals. The prosecutor said it was previously looking into suspect money flows worth $300 million relating to two separate cases. Click here to read the full article.

 

 

Subscribe to FRT’s Monthly Newsletter

Financial Recovery Technologies’ Shareholder Litigation Fast Five provides you with the top news in shareholder class actions. This is your exclusive summary of the latest industry developments related to settled, group and antitrust actions and recovery opportunities. Click here to subscribe.

Learn More

To learn more about how FRT can help your firm maximize recoveries in shareholder class action settlements, contact us at learnmore@frtservices.com.

About FRT

SETTLED CLAIMS  I  PASSIVE GROUP  I  ANTITRUST  I  FUTURE CLAIMS  I  OPT-IN MONITORING  I OPT-OUT MONITORING

Founded in 2008, Financial Recovery Technologies (FRT) is the leading technology-based services firm that helps the investment community identify eligibility, file claims and collect funds made available in securities and other class action settlements. Offering the most comprehensive range of claim filing and monitoring services available, we provide best-in-class eligibility analysis, disbursement auditing and client reporting, and deliver the highest level of accuracy, accountability, and transparency available. For more information, go to www.frtservices.com.

This communication and the content found by following any link herein are being provided to you by Financial Recovery Technologies (FRT) for informational purposes only and do not constitute advice. All material presented herein is believed to be reliable but FRT makes no representation or warranty with respect to this communication or such content and expressly disclaims any implied warranty under law. Opinions expressed in this communication may change without prior notice. Firms should always seek legal and financial advice specific to their unique situation and objectives.

FRT’s Fast Five: Week Ending January 10, 2020

Financial Recovery Technologies Fast Five provides you with the top news in shareholder class actions. Stay up-to-date on the latest developments in settled (U.S./Canada) claims filing opportunities, Antitrust settlements, Global Group Litigation matters and more. For more information, contact your Financial Recovery Technologies representative or email us.

1. First Solar Agrees to Settle $350 Million Shareholder Lawsuit

First Solar, an Arizona based solar panel manufacturer, announced on Monday that it has entered into a Memorandum of Understanding (MOU) to pay $350 million in claims for a class-action lawsuit filed in 2012. The lawsuit claimed that First Solar executives and officers misled shareholders between April 2008 and February 2012. The suit states that First Solar inflated its stock price by concealing design defects and reporting misleading financials for nearly four years. Click here to read the full article.

2. Daimler Investors Seek $1 Billion Over Diesel Disclosure

Daimler AG was sued by more than 200 shareholders for as much as 900 million euros ($1 billion) over claims the parent of Mercedes-Benz luxury cars failed to properly disclose that its vehicles were fitted with technology to cheat on diesel emissions tests. The suits were filed in a court in Stuttgart, Germany on behalf of institutional investors, including banks, investment companies, insurances and pension funds from Europe, North America, Asia and Australia, Andreas Tilp, a lawyer for the plaintiffs, said in an emailed statement. Click here to read the full article.

3. Shareholders Unsuccessful In First UK Class Action Against Directors

Judgment was recently given in the first shareholder class action claim in England, Sharp v Blank [2019] EWHC 3078 (Ch). The claims were brought by 5,803 shareholders in Lloyds Bank against some of its former directors, and Lloyds itself. They stemmed from Lloyds’ reverse takeover of HBOS PLC during the financial crisis in 2008. The judgment concerns the recommendation made by directors to shareholders, and disclosure of information ahead of a shareholder vote approving the acquisition. The judgment demonstrates the difficulty future shareholder class actions of this kind may have (a) establishing a valid claim against directors; and (b) showing a loss on the part of the shareholders. Click here to read the full article.

4. U.K. Regulator Demands Better Corporate Governance, Reporting

The Financial Reporting Council, Britain’s watchdog for accounting and audit, is demanding better corporate governance and reporting practices as hundreds of British companies prepare to release annual reports based on new rules governing corporate behavior. Companies listed in the premium segment of the London Stock Exchange must adhere to the 2018 U.K. Corporate Governance Code. The new rules ask companies to provide additional information to shareholders on a number of issues, including how governance contributes to the long-term success of the business. The rules also ask companies to provide an explanation of their purpose and explain cases in which a chairperson’s tenure exceeds nine years, and presses boards to play an active role in shaping company culture. Click here to read the full article (subscription may be needed).

5. Recent Developments in Litigation Funding in the UK

The Jackson reforms have now bitten on insolvency proceedings, meaning insolvency practitioners cannot recover the costs of conditional fee agreements and after the event insurance entered into after 6 April 2016. Unfortunately, the alternative funding models introduced by the same reforms have not been well used. However, there remains a range of options for funding insolvency litigation other than from the insolvent estate, with legal representatives, insurers, commercial funders and insolvency practitioners themselves coming up with innovative packages of funding. This article considers key developments in litigation funding in recent years, as well as upcoming reforms that may further change the landscape. Click here to read the full article.

 

 

Subscribe to FRT’s Monthly Newsletter

Financial Recovery Technologies’ Shareholder Litigation Fast Five provides you with the top news in shareholder class actions. This is your exclusive summary of the latest industry developments related to settled, group and antitrust actions and recovery opportunities. Click here to subscribe.

Learn More

To learn more about how FRT can help your firm maximize recoveries in shareholder class action settlements, contact us at learnmore@frtservices.com.

About FRT

SETTLED CLAIMS  I  PASSIVE GROUP  I  ANTITRUST  I  FUTURE CLAIMS  I  OPT-IN MONITORING  I OPT-OUT MONITORING

Founded in 2008, Financial Recovery Technologies (FRT) is the leading technology-based services firm that helps the investment community identify eligibility, file claims and collect funds made available in securities and other class action settlements. Offering the most comprehensive range of claim filing and monitoring services available, we provide best-in-class eligibility analysis, disbursement auditing and client reporting, and deliver the highest level of accuracy, accountability, and transparency available. For more information, go to www.frtservices.com.

This communication and the content found by following any link herein are being provided to you by Financial Recovery Technologies (FRT) for informational purposes only and do not constitute advice. All material presented herein is believed to be reliable but FRT makes no representation or warranty with respect to this communication or such content and expressly disclaims any implied warranty under law. Opinions expressed in this communication may change without prior notice. Firms should always seek legal and financial advice specific to their unique situation and objectives.