Ellwangen Regional Court rejects class action lawsuit relating to Scholz AG bond issue
On October 25, 2018, Ellwangen Regional Court dismissed in full a class action lawsuit in connection with a bond issue of Scholz AG in 2012 and 2013 with a total issue volume of EUR 182.5 million. Lawyer Dr. Wolfgang Schirp had filed a class action lawsuit for 137 plaintiffs and numerous individual lawsuits.
Scholz AG was a traditional family-owned company that was operating worldwide in recycling and scrap trading; it is now part of a Chinese group. The lawsuit was directed at Scholz AG’s former Management Board members and shareholders and at Scholz Holding GmbH, Scholz AG’s legal successor. The court found no evidence to support the plaintiffs’ claim based on the aspects of prospectus liability and tortious liability and dismissed it accordingly without taking evidence.
Heuking Kühn Lüer Wojtek, Düsseldorf, led by Managing Partner Dr. Andreas Urban, represented the former Scholz AG Management Board members and shareholders.
Counsel to former Management Board members and shareholders of Scholz AG
Heuking Kühn Lüer Wojtek:
Dr. Andreas Urban (Managing Partner, Lead),
Sandra Kalthoff, both Düsseldorf