Shareholder group VEB plans lawsuit against three banks over Steinhoff - FT
Reuters
Published Apr 18, 2018 21:48
Shareholder group VEB plans lawsuit against three banks over Steinhoff - FT
(Reuters) - A Dutch shareholder group has given notice that it plans to file a class action lawsuit against Barclays Plc (L:BARC), Commerzbank AG (DE:CBKG) and Absa Bank Ltd (J:ABSPp) over their roles in a 2015 share sale by South African retailer Steinhoff International (J:SNHJ), the Financial Times reported on Wednesday.
As required by Dutch law, shareholder group VEB gave the three banks two weeks' notice of its plan to file the lawsuit and invited them to open talks on "an amicable settlement", the report said.
VEB maintained the banks are "liable for damages incurred by Steinhoff shareholders" because of their roles in the listing of Steinhoff on the Frankfurt and Johannesburg stock exchanges as part of its creation of a holding company in Amsterdam, the FT said.
Steinhoff declined to comment. VEB, Barclays, Commerzbank, and Absa were not immediately available for comment outside regular business hours.
Steinhoff, which has more than 40 retail brands including France's Conforama and British chain Poundland, faced a fight for survival after admitting accounting irregularities in December, wiping about 85 percent off its market value and triggering a liquidity crisis.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.