European Securities Litigation

Problem 

  • European securities litigation is still developing with no or limited precedents on causality and damage theory

  • Litigation funders and claimants require damages estimates at an early stage during the book-building phase in order to assess viability of the claim

  • Assessing damages on a claimant-by-claimant or aggregate basis requires putting in place a sound system to acquire, store and process claimants’ transaction data (often provided in difficult-to-handle formats such as PDF files and photographs)

 

Solution

  • Fideres built a traceable database for transaction mapping. We also built, for each claimant, a comprehensive data dictionary through Q&A with claimants

  • We developed damages models to estimate damages using a range of methodologies (based on compensatory or recessionary remedies) and taking into account necessary purchase-sale-pair matchings (e.g. FIFO, LIFO, weighted average)

 

Result

  • Fideres helped litigation funders to successfully book-build six landmark group actions across England, Germany, Denmark and the Netherlands

  • We prepared damages particulars for the relevant legal filings

  • We collected, reconciled and produced transactional data as required by courts, administrators or defendants