Could Steinhoff and the likes be in for a Class Action?
The abrupt and devastating wipe-out of 80% market value in the multi-national retailer, Steinhoff, has without any doubt brought about more questions than answers in the area of corporate law. Naturally, the question on investors’ lips was whether Steinhoff can be held accountable for the massive damages they suffered. The mutual sentiment shared between individual and institutional investors alike, naturally leads one’s thoughts to the possibility of instituting a class action lawsuit in which all parties can claim their damages against a single scapegoat.