Daimler AG is one of the world’s largest car and truck manufacturers. Its vehicle brands include Mercedes-Benz, Maybach, and Smart.

According to the law firm press release, the lawsuit alleges that throughout the Class Period, Defendants issued false and misleading statements about Daimler’s compliance with emissions standards and Daimler’s purported eco-friendly BlueTEC diesel engines. The lawsuit claims that when the true fact entered the market, the value of Daimler shares fell, damaging investors.

Plaintiffs filed a consolidated Complaint on October 11, 2016. Defendants filed a Motion to Dismiss the consolidated Complaint on January 20, 2017. On May 31, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss.

On April 29, 2020, the parties entered into a Stipulation and Agreement of Settlement. The Court granted preliminary approval of the Settlement on September 22. On December 23, the Court granted final approval of the Settlement and entered Final Judgment.

On March 13, 2023, the Court issued an Order authorizing distribution of the net Settlement fund.