International class action filed against Steinhoff

13.08.2018 − 

Last Thursday, the South African law firm LHL Attorneys filed a class action lawsuit in Johannesburg High Court against Steinhoff International Holdings and its predecessor company Steinhoff International Holdings Limited (SIHL) for damages to investors. German law firm TILP Litigation was also involved in the preparation of the class action. Together with LHL Attorneys and the Dutch law firm Bynkershoek Dispute Resolution, TILP Litigation forms an international legal cooperation on the Steinhoff claim. According to TILP, Steinhoff is accused of violating capital market laws and balance sheet manipulation for several years. The lawsuit is now intended to assert claims for damages from Steinhoff shareholders in the total amount of approximately €12bn due to share purchases since 2013.

In addition to the Group holding company, banks such as Commerzbank and Standard Chartered Bank, the accounting firms Deloitte and Rödl & Partner as well as responsible individuals, including the former Steinhoff CEO Markus Jooste, the former CFO Ben la Grange and the former Chairman of the Supervisory Board Christoffel Wiese, are also accused.

TILP had already filed a first German investor action against Steinhoff at the Frankfurt/Main Regional Court on December 19 last year and filed an application for the initiation of model proceedings. The class action lawsuit now filed in South Africa in cooperation with LHL Attorneys is, according to TILP, part of a cross-border litigation strategy covering several countries.

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