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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The case is a follow-on damages claim in Germany against Daimler as a member of the Truck Cartel, in relation to more than 12,000 trucks. The claims have been brought before the Regional Court of Stuttgart.
This is case is an example in Germany of the widespread litigation flowing from the European Commission’s decision relating to the long-running Truck Cartel.
The Therium-funded group makes use of the assignment model which is widely used in Germany in follow-on damages claims.
Securities Claim / Shareholder Dispute / Collective Redress / Investor Loss
Automotive
Africa, Europe, Germany
+49 (0)211 2600 6550
christoph.kuzaj@therium.com
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The claims are brought on behalf of car owners and lessees, alleging that a number of leading vehicle manufacturers fitted ‘defeat’ devices to their vehicles to circumvent EU and UK emissions regulations designed to protect the environment.
As with the Volkswagen claims which were brought on behalf of 91,000 customers, many hundreds of thousands, or even millions, of car owners and lessees are affected.
Therium is financing diesel emission claims against a number of vehicle manufacturers including Mercedes, Vauxhall, Jaguar Land Rover and others.
Consumer Class Action / Collective Redress / Law Firm Portfolio / Emissions
Legal / Automotive
Africa, Middle East, Canada, Caribbean, Latin America
+44 (0) 203 327 3464
neil.purslow@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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Therium funded collective proceedings brought by Road Haulage Association Limited acting as representative on behalf of its members and other truck purchasers before the Competition Appeal Tribunal (CAT) against European truck manufacturers found by the European Commission to have been involved in a 14 year price-fixing cartel across Europe.
This is the first opt-in Collective Proceedings Order (CPO) made by the CAT and also the first CPO made in favour of a non-consumer class.
Therium supported the case from the outset, including the bookbuild effort required to pursue the case on an opt-in basis. As part of the RHA’s application, Therium’s arrangements for funding and adverse costs cover were scrutinised in detail by the CAT.
Class Action / Competition / Anti-trust / Collective Redress / Group Litigation
Automotive
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