ROTTER Rechtsanwälte Partnerschaft
ROTTER Rechtsanwälte Partnerschaft: In the proceedings under the Capital Markets Model Case Proceedings Act against Daimler AG, the Federal Court of Justice submits decision-relevant issues to the European Court of Justice
ROTTER Rechtsanwälte Partnerschaft / Key word(s): Legal Matter/Legal Matter In the proceedings under the Capital Markets Model Case Proceedings Act against Daimler AG, the Federal Court of Justice submits decision-relevant issues to the European Court of Justice ROTTER RECHTSANWÄLTE as counsels for the model claimants welcome the decision Grünwald – 10 January 2011 – In a decision published at the end of December 2010, the 2nd Civil Division of the Federal Court of Justice (BGH) has suspended the proceedings under the Capital Markets Model Case Proceedings Act (KapMuG) against Daimler AG for alleged late disclosure of the premature withdrawal of the former chairman of Daimler’s management board, Prof. Schrempp, and submitted two issues of the case to the European Court of Justice for ruling. Thereby, the 2nd Civil Division of the Federal Court of Justice followed the corresponding suggestion of the model claimant represented by ROTTER RECHTSANWÄLTE. As set out in the decision and press release of the Federal Court of Justice issued at the end of December 2010 (no. 247/2010), the 2nd Civil Division considered the issue as decision-relevant of whether or not, if an event subject to disclosure duty extends over a longer period of time, intermediate steps may have an importance of their own and therefore may themselves be subject to such duty, whether a sufficient probability of occurrence of a future event must be assessed as high probability within the meaning of applicable regulations, or whether, if such event is highly likely to impact on the stock price, a duty to disclosure already applies if occurrence of such event, though being open, is not improbable. The background of these proceedings is the statement made by Prof. Schrempp to the then chairman of the supervisory board of Daimler AG, Mr. Kopper, on 17 May 2005, concerning his intent to prematurely step down from his office as chairman of the management board. Daimler AG did not publicly announce Prof. Schrempp’s withdrawal before 28 July 2005 in an ad hoc disclosure which caused the stock price of Daimler AG to rise significantly. ROTTER RECHTSANWÄLTE expressly welcomes submission of these issues to the European Court of Justice since it can be expected that the Court’s ruling will create legal certainty in core issues of capital market disclosure duties. In addition to the model claimant, the law firm ROTTER RECHTSANWÄLTE represents a large number of institutional and private investors in these model case proceedings. The lawyers Mr. Klaus Rotter and Mr. Felix Weigend are available to answer any further questions. End of financial news 10.01.2011 Dissemination of a Corporate News, transmitted by DGAP – a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
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