Shearman & Sterling advised and represented Daimler AG in model case proceedings (Musterverfahren) before the Higher Regional Court (Oberlandesgericht – “OLG”) in Stuttgart, held according to the Investor Model Case Proceedings Act (Kapitalanlegermusterverfahrensgesetz – “KapMuG”).

The 20th civil division of the OLG Stuttgart has decided by a model decree (Musterentscheid), that Daimler AG is not liable for damages because of allegedly delaying publication of insider information. When it becomes legally binding, this decision covers a series of claims of damages against Daimler AG pursuant to the rules of the KapMuG. About 100 minority shareholders had accused Daimler AG of not publicly announcing in due time the fact that their former chairman of the board of management Prof. Dr. Jürgen Schrempp would retire from his office at the end of 2005 and that Dr. Dieter Zetsche would succeed Prof. Schrempp in office.

Shearman & Sterling advised Daimler AG in connection with the first model decree (Musterentscheid) of the 9th civil division of the OLG Stuttgart, according to which Daimler AG was not held liable. The Federal Court of Justice (Bundesgerichtshof) repealed the first model decree (Musterentscheid) of the OLG Stuttgart and referred it back to the 20th civil division of the OLG Stuttgart.

Shearman & Sterling attorneys involved in the model case proceedings include partners Georg F. Thoma and Dr. Marco Sustmann as well as associate Dr. Rüdiger Schmidt-Bendun (all Dusseldorf–Corporate).

For additional information contact:
Hans Jürgen Meyer-Lindemann | Düsseldorf | T +49.211.17888.719 |