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Steinhoff class action moves up a gear, how to be part of it
Overnight one of the big talking points in business was an historic gathering of disgruntled shareholders to put together the first ever securities class action South Africa has ever seen.
The disgruntled held shares in the troubled conglomerate Steinhoff and they were in Johannesburg to look at their legal options. CNBC Africa’s Monique Vanek filed this report.
Wed, 31 Oct 2018 10:29:18 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- Shareholders in South Africa are pursuing a class action lawsuit against Steinhoff to recover their investments.
- The lawsuit targets not only Steinhoff but also its directors, auditors, and banks for their involvement in financial irregularities.
- Efforts are being made to streamline the legal process and potentially reach a settlement, prioritizing shareholder compensation and accountability.
In a historic gathering of disgruntled shareholders in Johannesburg, the first-ever securities class action in South Africa is gaining momentum. Shareholders who have been impacted by the troubled conglomerate Steinhoff are exploring legal options to recover their investments. The meeting, held at a 19th-century golf club, saw over a dozen shareholders in attendance alongside economists, researchers, and lawyers. While the shareholders declined to speak on camera, the message was clear: South Africa is the best venue for pursuing their claims. The class action lawsuit, which is opt-out and incurs no costs for participants, aims to hold not only Steinhoff but also its directors, auditors, and banks accountable for their role in the financial irregularities. The strong ties Steinhoff has to South Africa due to its business operations and share trading on the JSE make it a logical choice for the class action. By uniting shareholders across jurisdictions, the focus is on achieving the best possible outcome for all stakeholders involved. The process of certification and trial phases is underway, with a hopeful resolution in the near future. While the possibility of a lengthy court battle looms, efforts are being made to expedite the process and potentially reach a settlement with the involved parties. The goal remains clear: to ensure that shareholders receive some form of compensation for their losses and that those responsible are held accountable.
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