On July 2, 2019, Stuttgart Higher Regional Court in second instance dismissed in full prospectus liability claims in connection with a bond issued by Scholz AG in 2012 and 2013 with a total issue volume of EUR 182.5 million. On October 25, 2018, Ellwangen Regional Court had already dismissed, in first instance, the collective redress and numerous individual lawsuits. The plaintiffs (legal counsel Dr. Wolfgang Schirp had filed collective redress on behalf of 137 plaintiffs as well as numerous individual lawsuits at the time) had for the most part filed appeals against that decision, which were now also dismissed in full. An appeal for judicial errors was not admitted.
The Higher Regional Court expressly stated that there were no errors in the prospectus and no other breaches of duty by the management board in connection with issuing the bond. The judgement thus affirmed the defendant’s legal opinion in several respects.
Scholz AG was a traditional family-owned company operating worldwide in recycling and scrap trading; it is now part of a Chinese group. The lawsuits were directed against the former management board members and shareholders of Scholz AG and against Scholz Holding GmbH, the legal successor of Scholz AG.
Scholz AG‘s former management board members and shareholders were represented by Heuking Kühn Lüer Wojtek, Düsseldorf, led by Managing Partner Dr. Andreas Urban.
Counsel to former management board members and shareholders of Scholz AG
Heuking Kühn Lüer Wojtek:
Dr. Andreas Urban (Managing Partner, Lead),
Sandra Kalthoff (Partner), both Düsseldorf