US class-action specialist law firm, Milberg Weiss Bershad & Schulman has launched what is thought to be the first class action lawsuit in the United States exclusively for non-US investors.
The case, filed in late May, is seeking damages for non-US investors who bought shares in US-German automobile giant DaimlerChrysler on foreign exchanges, claiming that "false and misleading statements" were made by the senior management of both firms to win backing from shareholders for their merger.
It stems from an earlier class action against DaimlerChrysler from which non-US investors were excluded immediately prior to the point of settlement.
Speaking to the Legal Week news service, senior partner with the US law firm, Melvyn Weiss explained that:
"As the original case excluded foreign investors at the last minute, we decided to look into it and bring an action for the people who were not included in the original class."
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