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Standard Chartered Faces South Africa Suit Over Steinhoff

Law360, London (August 10, 2018, 7:21 PM BST) -- Standard Chartered PLC and Commerzbank AG have been named in a potential class action brought in South Africa against global retail group Steinhoff International by investors claiming they suffered €12 billion ($13.7 billion) in losses due to accounting irregularities.

LHL Attorneys Inc. said it notified the High Court in Johannesburg on Wednesday of the suit, which will take class action status, against Dutch-incorporated Steinhoff International Holdings NV, its South African predecessor Steinhoff International Holdings (Pty) Ltd. and a number of other companies with links to the...
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