Secured a record-breaking $1.6 billion global settlement for Steinhoff shareholders
Plaintiff(s):
G&E group of claimants encompassed more than 40 institutional shareholders, including Steinhoff’s largest shareholder
Case type / claims:
Securities fraud arising from Steinhoff’s massive multi-year accounting fraud and subsequent 95% stock price collapse following disclosure of accounting irregularities in 2017.
Defendant(s):
Steinhoff International Holdings N.V. and related entities
Jurisdiction:
District Court of Amsterdam (Netherlands); High Court of South Africa, Western Cape Division
Outcome:
- Achieved €1.4 billion (approximately $1.6 billion) global settlement – the largest non-U.S. securities fraud settlement ever recorded.
- Secured approval of both the Dutch and South African settlement components.
- Delivered an extraordinary recovery given Steinhoff’s precarious financial condition and the magnitude of investor losses.
