Steinhoff S.A.

The Case

At the end of 2017, one of the biggest accounting scandals came to light within Steinhoff group, a global retailer with headquarters in South Africa and the Netherlands and a listing on the German Frankfurt Stock Exchange. In the wake of the scandal, the company had to engage in a large-scale restructuring exercise.

Why It’s Significant

The claim involved litigation in three different jurisdictions, including, as part of such multi-jurisdictional approach, one of the biggest class actions in South Africa. Investors’ claims were ultimately settled in 2021 as part of the restructuring.

Therium’s Solution

Therium had provided litigation funding on a global basis with its partner firm DRRT, enabling coordinated actions in South Africa, the Netherlands and Germany, with the view to effectively securing redress for investor losses.