Fideres was retained by Evers Soerjatin on a Dutch securities litigation case against Steinhoff International Holdings NV, funded by Burford Capital. The Steinhoff settlement is the second largest securities litigation claim against a European issuer.
In December 2017, Steinhoff’s share price dropped significantly after the company announced an investigation by its consultant PwC into accounting irregularities. The securities claim was a group action on behalf of Steinhoff shareholders who paid inflated prices for their shares.
Fideres provided consulting expert work including estimation of individual claimant damages as well as estimating the level of artificial inflation of the share price over time.
The case settled for EUR 1.4bn in February 2022.

Robert Chang, Head of Fideres’s Securities Litigation practice, is a financial market expert with extensive and broad-ranging experience in the areas of securities, commodities, derivatives and structured finance.
Since joining Fideres in 2014, Robert has been instrumental in helping institutional and retail investors to recover billions for his consulting and expert testifying work in over 30 landmark financial market investigations and litigations. His most recent successes include a $508 million partial settlement in the ISDAfix interest rate benchmark class action and a €1.4 billion settlement of securities fraud claims against Steinhoff International Holdings NV (second largest against a European issuer accused of securities fraud).
Robert’s team help law firms, regulators and investors across the globe in litigations and other disputes, from the initial claim filing, through dismissal, discovery, expert testimony and settlement. On his team, Robert is often the main architect for groundbreaking analyses and models used in key filings and testimonies.
Robert completed his MSc in Risk Management and Financial Engineering at Imperial College with distinction. Prior to this, he obtained a BSc Economics degree with distinction from Shanghai University of Finance and Economics.