Steinhoff class-action lawsuit begins in Joburg – and could be worth as much as R185bn

A consortium of law firms has applied to launch a class-action lawsuit in the South Gauteng high court on behalf of investors in Steinhoff‚ seeking damages that could potentially run to as much as R185-billion.

The lawsuit brings claims on behalf of all investors who purchased Steinhoff shares in the period from at least June 26 2013 up to the date former CEO Markus Jooste resigned‚ on December 5 2017.

More than 30 current and former directors of Steinhoff and its subsidiaries have been named as respondents‚ including Jooste‚ former CFO Ben la Grange‚ former chair Christo Wiese‚ as well as Steinhoff’s current CEO‚ Danie van der Merwe.

The application is brought by Johannesburg-based class-action law firm LHL Attorneys‚ Dutch firm Bynkershoek Dispute Resolution‚ and German firm TILP Litigation.

For the full story‚ visit BDlive. 

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