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Business

DaimlerChrysler Trial Suspended amid New Evidence

The high-profile trial against carmaker DaimlerChrysler in the U.S. state of Delaware was suspended indefinitely after fresh evidence emerged on Tuesday. The new twist to the two-week-old hearing came after DaimlerChrysler handed over a set of documents papers to legal representatives of plaintiff and U.S. billionaire Kirk Kerkorian. U.S. Federal Judge Joseph Farnan described the new evidence on Tuesday as containing "in some instances very substantial testimony". The new documents are believed to contain statements by Gary Valade, who was Chrysler’s Chief Financial Officer at the time of the tie-up negotiations. The 86-year-old Kerkorian, who owned 13.7 percent of Chrysler Corp. Shares before its $36 billion tie-up with Daimler-Benz, filed the case against the carmaker and its executives over the nature of the merger between German company Daimler-Benz and U.S. company Chrysler. Kerkorian accuses DaimlerChrysler and CEO Jürgen Schrempp of fraud and says a so-called "merger of equals" was actually a secret takeover by the German carmaker. The billionaire is claiming $1.2 billion in damages.