Milberg Weiss Bershad & Schulman has launched a US class action exclusively for foreign investors who purchased shares on foreign exchanges, in what is thought to be a landmark move for the plaintiff bar.

The case, filed against German-US car giant DaimlerChrysler on 24 May, is seeking damages over “false and misleading statements” given by senior management to win shareholder backing for the merger of Chrysler and Daimler-Benz.