Therium is financing institutional investors’ claims against Daimler for alleged breaches of the German Securities Trading Act in failing to observe the statutory ad hoc disclosure obligations in connection with the installation of an illegal modifying device in diesel engines, causing loss to investors.
The case is an example of litigation finance being used by well-resourced financial institutions in order to recover investor losses arising from failures of corporate governance.
The group funded by Therium makes use of the Capital Markets Model Act as a means for collective redress in German securities litigation, with the Model Plaintiff a member of the group.
Securities Claim / Shareholder Dispute / Collective Redress
Automotive
Africa, Europe, Germany
+49 (0)211 2600 6550
christoph.kuzaj@therium.com
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Therium funded the UK “dieselgate” group action against Volkswagen relating to the sale and leasing of vehicles containing defeat device software in breach of emissions legislation designed to protect the environment.
The case was the largest Group Litigation Order (GLO) in British legal history with over 70,000 claimants initially, rising to more than 90,000 across the three lead claimant law firms. Therium funded a significant majority of the group.
According to Volkswagen’s public statement, the claimants reached an out of court settlement in May 2022 with £193 million being paid to the claimants, in addition to a separate contribution towards Claimants’ legal costs and other fees.
Class Action / Group Litigation / Collective Redress / Emissions
Automotive
Africa, Middle East, Canada, Caribbean, Latin America
+44 (0) 203 327 3464
neil.purslow@therium.com
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