Wirecard judgment: EY remains free of damages - investors are horrified!

Wirecard judgment: EY remains free of damages - investors are horrified!

In the Wirecard scandal, investors continue to try to obtain damages from Wirecard managers and the auditor EY via the capital investor's sample procedure (KapMug). In a current procedure at the Bavarian Supreme Regional Court (BayoBlG), EY was excluded from the procedure by judge Andrea Schmidt. This decision is based on the determination that allegations against auditors are not permitted as part of the Kapmug. The judicial argument refers to the fact that Wirecard's balance sheets and tests have been published and are therefore not attributable as public capital market information from EY. This decision comes at a critical time, especially since the plaintiffs have already announced by the law firm Mattil, which have registered a large number of declaratory goals, to pull to the Federal Court of Justice (BGH) in order to proceed against the judgment. Such a legal complaint can take up to four years, which is problematic for the investors concerned reports dewezet .

The Capmug, which was introduced in 2005, pursues the goal of strengthening and bundling investor rights, especially after the experience with a variety of individual lawsuits against Deutsche Telekom. Around 19,000 investors are involved in the current sample procedure, which is pending in Munich and for which damages are required for around 750 million euros. This sum results from the considerable losses that many investors have suffered by individual dishes added Lto .

progress and challenges in the procedure

The court rejected a large part of the determination goals inadmissible. Despite the complexity of the legal discussion, Ey's question of the obligation to pay compensation remains unclear. The Senate has determined that the confirmation notices that EY issued no capital market information in the sense of the Capmug. This could be a difficult setback for the plaintiffs, since EY's liability mass was considered the most promising option for lost investments. Among the plaintiffs is also the sample plaintiff Kurt Ebert, who, according to reports, has lost over half a million euros So test.de .

The lamentation, however, remains active. While ongoing proceedings will continue against Wirecard managers and 8,700 additional investor lawsuits in Munich are pending, the final judgment on the possible claims for damages against the ex-managers could occur later. The judgment of the BayoBlG has significantly influenced the legal landscape, but it remains to be seen how the further developments will affect the rights of the injured investors.