European Investors-VEB withdraws collective action against Deloitte in Steinhoff case
As a result of the fraud committed at Steinhoff International Holdings N.V. (“Steinhoff”), which came to light in December 2017, investors in securities issued by Steinhoff suffered losses. European Investors-VEB, as a collective representative organization under article 3:305a Dutch Civil Code, had started a collective action against the Dutch Deloitte firm (“Deloitte NL”) in June 2018 in the Dutch courts on behalf of all investors who bought or held Steinhoff shares from the start of the accounting irregularities at Steinhoff until 7 December 2017.
In this collective action European Investors-VEB alleged that Deloitte NL as auditors of Steinhoff were liable to Steinhoff investors for certain deficiencies in the audits performed.
European Investors-VEB has now agreed with Deloitte NL that if certain conditions are met, Deloitte NL, together with the South African Deloitte firm, will make an offer to investors in Steinhoff shares in support of the settlement offer which Steinhoff published on 27 July 2020
The offer will not imply an admission of liability by Deloitte. European Investors-VEB therefore would like to make public that in the light of the foregoing, it has withdrawn the collective action it had initiated against Deloitte NL with immediate effect and will no longer pursue this or any other action against Deloitte NL or any other Deloitte firm or person in the Steinhoff matter.