Tuesday, February 21, 2006
German Chrysler Shareholders Cannot Sue in US
The US District Court for the District of Delaware ruled last month that Chrysler's German shareholders could not bring securities fraud claims in US courts. The court held that this was a "predominantly foreign transaction" and that German courts should more properly exercise jurisdiction over the matter. The lawsuit Blechner v. Daimler-Benz (D. Del., Civil Action No. 04-331-JJF) was brought by German shareholders on behalf of non-US shareholders who owned Daimler-Chrysler stock.