In re Daimler Chrysler Securities Litigation (D. Del.)
E&C served as co-lead counsel in this federal securities class action arising from the 1998 merger of Daimler Benz-AG and Chrysler Corporation. Although the transaction was announced as a “merger of equals,” Daimler-Benz AG’s Chief Executive Officer admitted almost two years later that he had always intended the transaction to be an acquisition. E&C represented the Florida State Board of Administration and other Chrysler shareholders seeking, among other things, to obtain the control premium they should have received in this takeover disguised as a merger. Based upon full merits and expert discovery taken in the United States, Germany and England, E&C defeated the defendants’ motion for summary judgment. Shortly thereafter, the case was settled for $300 million.