• Company
  • Description
  • Recovery Amount
  • DaimlerChrysler
  • In re DaimlerChrysler AG Securities Litigation
  • $300 million


District of Delaware

G&E represented a public pension fund as lead plaintiff in this action on behalf of former Chrysler shareholders who exchanged their shares for stock in the new DaimlerChrysler AG, formed in the so-called “merger of equals” between Chrysler and Daimler-Benz. The class claimed that the defendants concealed their true intent to acquire Chrysler as a mere division of Daimler, depriving former Chrysler stockholders of a fair acquisition premium for their shares. Shortly before trial, the defendants agreed to settle the case for $300 million in cash, among the largest securities class action settlements since the enactment of the Private Securities Litigation Reform Act. Shareholders who opted out of the class settlement and later proceeded to trial had their claims rejected by the court.