A German court has rejected a claim for damages by DaimlerChrysler AG shareholders who said the company did not announce in proper time that former CEO Juergen Schrempp planned to step down.


According to the Associated Press (AP), the Stuttgart state court ruled that the July 2005 announcement had been made in a timely way.


According to the report, the court found that the company had no obligation to announce Schrempp’s departure before its supervisory board made a formal decision, and was not obliged to announce earlier that discussions had taken place on a possible changeover.


Schrempp was replaced as CEO by Dieter Zetsche and news of his departure sent the stock up 10%, dismaying investors who had sold shares in the preceding days, AP added.


According to the news agency, Steffen Nolte, an official with DaimlerChrysler’s legal department, welcomed the ruling, and added that plaintiffs were seeking about EUR6.5m ($US8.5m) in damages.

GlobalData Strategic Intelligence

US Tariffs are shifting - will you react or anticipate?

Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.

By GlobalData

Felix Weigend, a lawyer for the plaintiffs, told the Associated Press they would take their case to Germany’s Federal Court of Justice and criticised the court’s failure to hear evidence in the case.

Just Auto Excellence Awards - Have you nominated?

Nominations are now open for the prestigious Just Auto Excellence Awards - one of the industry's most recognised programmes celebrating innovation, leadership, and impact. This is your chance to showcase your achievements, highlight industry advancements, and gain global recognition. Don't miss the opportunity to be honoured among the best - submit your nomination today!

Nominate Now