Grant & Eisenhofer recovered $300 million for Chrysler shareholders in landmark DaimlerChrysler “merger of equals” securities litigation
Plaintiff(s):
Public pension fund serving as lead plaintiff on behalf of former Chrysler shareholders
Case type / claims:
Securities fraud class action alleging that defendants misrepresented the nature of the 1998 “merger of equals” between Chrysler and Daimler-Benz, concealing Daimler’s true intent to acquire Chrysler as a mere division rather than an equal partner—thereby depriving Chrysler shareholders of a fair acquisition premium.
Defendant(s):
DaimlerChrysler AG, Daimler-Benz AG and related officers and directors
Jurisdiction:
U.S. District Court for the District of Delaware
Year:
2003
Outcome:
- Settled for $300 million in cash, among the largest securities class action recoveries since enactment of the Private Securities Litigation Reform Act (PSLRA).
- Shareholders who opted out and proceeded to trial later had their claims dismissed.
