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International class action lawsuit filed against Steinhoff

06.09.2018 − 

South African LHL Attorneys has filed a class action lawsuit against Dutch Steinhoff International Holdings N.V. and its predecessor Steinhoff International Holdings Limited (SIHL) for investor damages before the High Court in Johannesburg. German TILP Litigation, which together with LHL Attorneys and Dutch Bynkershoek Dispute Resolution forms an international legal cooperation for the Steinhoff claim, was also involved in the preparation of the class action lawsuit.

As TILP announced on 9 August Steinhoff shareholders are to assert claims for damages totaling approximately €12bn based on share purchases since 2013. In addition to the Group holding company, the defendants include banks such as Commerzbank and Standard Chartered Bank, as well as the auditing companies Deloitte and Rödl & Partner and 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. TILP had already filed its first German investor suit against Steinhoff at the Frankfurt/Main Regional Court on 19 December 2017.

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