Subscribe to our free daily newsletters
  Space Industry and Business News  

Subscribe to our free daily newsletters

Lawsuit looms for EADS over A380: lawyers

by Staff Writers
Frankfurt (AFP) Nov 16, 2010
A group of investors is preparing to take EADS to court in a multi-million-euro case over how the European aerospace giant announced production delays of its A380 superjumbo, lawyers told AFP Tuesday.

More than 100 institutional investors, holding around 20 percent of EADS floating shares, have joined forces to launch a case in the Netherlands, said Christian Wefers, from the German branch of US law firm DRRT.

The damages involved "are of the order of 800 million euros (1.1 billion dollars) at least," said Wefers, whose firm is representing the investors.

"The complaint is ready. We expect to lodge it before the end of the week" in a Dutch court, the lawyer added.

Wefers declined to name individual plaintiffs but a report in the Financial Times Deutschland said that a previous case against EADS, scrapped in early November, involved investment funds belonging to Deutsche Bank and UBS.

The investors believe that EADS provided insufficient information to the markets between 2006 and 2009 when its A380 superjumbo was beset by production delays.

Similar cases brought against EADS until now have failed but Wefers said: "I think we have a good chance of success."

"EADS knew there were going to be delays in production and nothing was said," said Pieter Koetsier, from the Dutch law firm Kennedy van der Laan.

EADS on Tuesday said it was confident the latest lawsuit would also fail.

"Very recently, the Amsterdam appeals court rejected a request for an inquiry into possible bad management in connection with delays to the delivery of the A380," an EADS spokesman said.

"EADS expects that the Amsterdam civil court, which will have to consider such a case, will come to the same conclusions."

Share This Article With Planet Earth DiggDigg RedditReddit
YahooMyWebYahooMyWeb GoogleGoogle FacebookFacebook

Related Links
Aerospace News at

Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News

China wins orders for 100 homegrown passenger jets
Beijing (AFP) Nov 16, 2010
China on Tuesday won orders for 100 of its large, domestically built passenger jets, challenging industry giants Airbus and Boeing in what will soon become the world's largest aviation market. China's three largest airlines signed deals to buy the C919, as did other firms including the aircraft leasing arm of General Electric, the official Global Times newspaper said on its website. The ... read more

Breaking The Ice Before It Begins

Thales announces venture for Chinese in-flight systems

Virtual Reality Helps Researchers Track How Brain Responds To Surroundings

Next Google phone will be mobile wallet: Schmidt

Northrop Grumman Bids for Marine Corps Common Aviation CnC

DSP Satellite System Celebrates 40 Years

ManTech Awarded US Army Contract To Provide ECCS In Afghanistan

Hughes Undergoing Wideband Global SATCOM Certification

Russia Launches Advanced US Telecom Satellite

NASA plans Alaska satellite launch

ULA Launches 350th Delta

Hispasat 1E And KOREASAT Will Ride On 199th Arianespace Launcher

SES To Contribute To Galileo Operations

GPS IIF-1 Introduces A Host Of New Capabilities For Users

Lockheed Martin Delivers Key GPS III Test Hardware Ahead of Schedule

Few Americans using location-based services: Pew study

Lawsuit looms for EADS over A380: lawyers

China wins orders for 100 homegrown passenger jets

Britain signs jet engine deal with China as PM visits

Flights resume to Indonesia after volcano chaos

Building A Racetrack Memory

Microsoft sues Motorola over 'excessive' royalty demands

Motorola fires back against Microsoft in patent dispute

Intel opens biggest ever chip plant in Vietnam

Faster Flood Forecasting At SERVIR-Africa

Enhancing Sustainable Development Of Earth

Go For Getz And A South Pole Flyover

NASA Study Quantifies Role Of Melt In Loss Of Old Arctic Sea Ice

Canadian tailings pond causes toxic fears

U.S. Army seeking quick water test

One by one, Laos's cluster bombs legacy goes up in smoke

China to rein in dioxin emissions to help air quality

The content herein, unless otherwise known to be public domain, are Copyright 1995-2010 - SpaceDaily. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement