DGAP-News: 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
ID: 325830
Matter/Legal Matter
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
10.01.2011 / 15:20
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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
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108525 10.01.2011Unternehmensinformation / Kurzprofil:
Datum: 10.01.2011 - 15:20 Uhr
Sprache: Deutsch
News-ID 325830
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