Vancouver Alumni Asset Holdings Inc., Individually and on Behalf of All Others Similarly Situated v. Daimler AG, Dieter Zetsche, Bodo Uebber, Thomas Weber
Published: Jun. 19, 2020 | Result Date: Apr. 29, 2020 |Case number: 16-cv-02942-DSF-KS Settlement – $19,000,000
Judge
Court
CD CA
Attorneys
Plaintiff
Joshua L. Crowell
(Office of the Los Angeles City Attorney)
James W. Johnson
(Labaton Sucharow LLP)
Michael H. Rogers
(Labaton Sucharow LLP)
Irina Vasilchenko
(Labaton Sucharow LLP)
James T. Christie
(Labaton Sucharow LLP)
Margaret Schmidt
(Labaton Sucharow LLP)
Defendant
Peter A. Wald
(Latham & Watkins LLP)
Christopher S. Turner
(Latham & Watkins LLP)
Meryl L. Young
(Gibson, Dunn & Crutcher LLP)
Paul J. Collins
(Gibson, Dunn & Crutcher LLP)
Troy M. Yoshino
(Squire Patton Boggs LLP)
Matthew J. Kemner
(Squire Patton Boggs LLP)
Facts
Plaintiff the Public School Retirement System of the School District of Kansas City, Missouri purchased or otherwise acquired Daimler AG American Depositary Receipts. Two securities putative class action complaints were filed on behalf of investors in Daimler AG alleging violations of the Securities Exchange Act of 1934, against Daimler, Mercedes-Benz USA, LLC, Dieter Zetsche, Bodo Uebber and Thomas Weber.
Contentions
PLAINTIFFS' CONTENTIONS: Plaintiffs contended defendants acted fraudulently when they represented their BlueTEC passenger and light-duty vehicle offerings were the cleanest diesel cars in the world. Plaintiffs further alleged defendants' statements and omissions were materially false and misleading when made and subject to Section 10(b) liability.
DEFENDANTS' CONTENTIONS: Defendants denied the allegations.
Result
The parties agreed to settle for $19 million
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