Securities and Funds Litigation (Plaintiffs)
This chapter focuses on firms which advise institutional investors, minority shareholders or companies.
Developments
The first eagerly anticipated proceedings under the Investor Model Proceedings Act are currently under way. In all cases, renowned investor firms are representing the named plaintiffs: in the suit against DaimlerChrysler regarding the ad hoc reporting of the resignation of former CEO Schrempp, which was allegedly carried out too late, it is Rotter Rechtsanwälte, in the Deutsche Telekom proceedings Tilp Rechtsanwälte, in the scandal surrounding the closed-end real estate funds of Bankgesellschaft Berlin the Berlin-based firm Schirp Schmidt-Morsbach Apel and regarding the potentially incorrect prospectus of Film Fund VIP 4, Kälberer & Tittel is representing the named plaintiff. The experience gained in the coming months will shed some light as to whether or not the Investor Model Proceedings Act will prove itself in practice.
The market
Even more so than in previous years, investor firms are demonstrating a strategic direction and further specialization of their lawyers. For example, Rotter Rechtsanwälte is focusing on litigation on behalf of institutional investors, Rössner Rechtsanwälte has elevated advice to (municipal) companies on swaps to a specialty and Lachmair & Kollegen has committed itself to litigation relating to credit-financed life insurance. At Tilp Rechtsanwälte, international work is in the forefront: the firm has broken innovative ground by founding a law firm registered as a joint stock company in accordance with the law of the Swiss canton Obwalden. Here, the firm is allowed to arrange contingent fees and to finance proceedings. Tilp wants to use this strategy to gain more institutional clients and to represent them on an international level. The fact that internationalization remains a topical issue in the investment sector is also evidenced by the strategy of Nieding + Barth. This firm has been working intensively of late on the organization of its international network and has entered into cooperation with several investor firms.