Steinhoff

In December of 2017, Steinhoff International Holdings N.V. disclosed it discovered severe accounting irregularities relating to approximately €6 billion worth of balance sheet assets for its European operations, and that it would need to restate its earnings statements for fiscal 2016 and 2017. Steinhoff’s stock dropped 95%. G&E – representing 44 institutional investors, including the South African government pension fund GEPF and its state-owned asset manager PIC, Steinhoff’s largest shareholder – commenced legal action in the Netherlands, seeking recovery of investor losses and a judicial examination. Other groups also filed suit in South Africa and Germany. On September 23, 2021, the District Court of Amsterdam approved a €986 million (approx. $1.1 bn) settlement with Steinhoff and various affiliates, Steinhoff’s former directors and officers and D&O insurers, and auditor Deloitte. Finalization of the settlement is pending before the South African Court.

Company
Steinhoff International Holdings N.V.
Case Name
Steinhoff International Holdings N.V.
Recovery Amount
$1.1 Billion
Court
The Netherlands

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