Shareholder group VEB plans lawsuit against three banks over Steinhoff - FT
22:39 (18/04) - Bron: RTRS
April 18 (Reuters) - A Dutch shareholder group has given
notice that it plans to file a class action lawsuit against
Barclays Plc BARC.L , Commerzbank AG CBKG.DE and Absa Bank
Ltd over their roles in a 2015 share sale by South
African retailer Steinhoff International , the Financial
Times reported on Wednesday.
As required by Dutch law, shareholder group VEB gave the
three banks two weeks' notice of its plan to file the lawsuit
and invited them to open talks on "an amicable settlement", the
report said.
VEB maintained the banks are "liable for damages incurred by
Steinhoff shareholders" because of their roles in the listing of
Steinhoff on the Frankfurt and Johannesburg stock exchanges as
part of its creation of a holding company in Amsterdam, the FT
said.
Steinhoff declined to comment. VEB, Barclays, Commerzbank,
and Absa were not immediately available for comment outside
regular business hours.
Steinhoff, which has more than 40 retail brands including
France's Conforama and British chain Poundland, faced a fight
for survival after admitting accounting irregularities in
December, wiping about 85 percent off its market value and
triggering a liquidity crisis.
(Reporting by Sangameswaran S in Bengaluru; Editing by Adrian
Croft)