For more than a year, we have been dealing with the Wirecard collapse and its consequences.
Coverage of SCHIRP & Partner in the media:
The reorganization of UDI has failed: the district court sends “fixed-rate” companies into bankruptcy, 02.09.2021 | zur Website
“The Leipzig District Court opened insolvency proceedings on Tuesday for five “fixed-rate” companies in the UDI Group. As the court announced to the Handelsblatt, three similar decisions for other companies should also be made in the course of Wednesday. The court had opened the proceedings for the Barleben-Ebendorf biogas plant in Saxony-Anhalt, which also belongs to the group, at the end of July. This makes it official: The UDI group, which financed biomass and solar systems with the money from private investors, is not being restructured under its own management.”
Ex-constitutional judge Paul Kirchhof considers the negative interest rate to be unconstitutional. 05.07.2021 | Read the article (Paywall)
ECB policy reaches the election. The criticism of the ultra-loose ECB monetary policy in Germany is getting louder and louder. Ex-constitutional judge Paul Kirchhof considers the negative interest rate to be unconstitutional. The CDU Economic Council speaks of ‘creeping expropriation’.
Expert Investor Europe,
Dark clouds on the horizon for UDI?, 01.07.2021 | zur Website
“Nuremberg-based investment company UDI has recently run afoul of BaFin, Germany’s federal financial regulator. According to BaFin, UDI was given cease-and-desist orders to immediately stop and wind up seven funds that the watchdog had decided were unauthorised deposit businesses. One of those decisions was reached on 18 February, followed by two more on 10 May, and a further four on 27 May.”
The eco-investment house UDI is slipping deeper and deeper into the crisis, 23.06.2021 | Read the article
The new boss presents himself as a renovator, but investors distrust him. Recently he had little success – and trouble with the judiciary. Investor lawyers like Susanne Schmidt-Morsbach from the law firm Schirp & Partner in Berlin are alarmed. ‘We are currently very spectacled about the self-administration’.
“Millions in damage for EY”: The Wirecard scandal is already costing the auditing company important orders. Now the legal risks are also growing due to lawsuits and investigations, 16.06.2021 | Read more
Investor lawyers suspect that EY Germany will try to shake off possible liability claims by restructuring the organization. In fact, EY is currently expanding the higher-level Western Europe unit, processes are being standardized, services are being bundled. Investor lawyer Wolfgang Schirp from Berlin suspects that EY is pursuing a plan B: In the next few years, all important EY customers could be transferred to the European unity and the German subsidiary could be “emptied” from an economic point of view. Plaintiffs could be left empty-handed.
Sächsische Zeitung (SZ),
Dealer demands the opening of shops, 14.04.2021 | Read more
As early as mid-March, fashion retailer Ronny Rühle submitted the urgent application to the Higher Administrative Court in Bautzen,” writes the Sächsische Zeitung. “That has now been decided in favor of rapid tests for employees.” The decision took 4 weeks to complete. Rühle wanted to suspend the obligation to test for a possible corona infection of his employees. He argued, among other things, with possible “interference with the physical integrity of many people” and the costs that would have to be borne by the companies, “which have been bearing the brunt of the closings ordered according to the Corona Protection Ordinance for months”. The court disagreed here and justified this in over 60 individual points.
Вынужденное закрытие: как получить компенсацию?, 26.02.2021 | Read more
«РГ/РБ» поговорила с адвокатами, как и в каких случаях в Германии можно истребовать материальную компенсацию из-за введённого карантина.
“It’s about bare survival”: Traders start a wave of lawsuits against the lockdown, 18.02.2021 | Read more
Not only fashion retailer Breuninger wants to force the opening of its department stores in court. More and more companies are resisting the state measures.
Commerzbank is preparing a lawsuit against auditors EY, 17.02.2021 | Read more
The money house was one of Wirecard’s lenders and had to write off 187 million euros because of the bankruptcy. The bank wants to get at least part of it back.
ThomasLloyd stops payments – investors are alarmed, 31.01.2021 | Read more
Around 25,000 ThomasLloyd investors have invested in funds for renewable energies in Asia. Now the distributions are stalling. The payment freeze is driving investors to the barricades.
This is how EY defends itself in the Wirecard scandal, 14.01.2021 | Read more
The business newspaper Handelsblatt has received an initial response to an investor complaint against the long-term auditor. The creditor banks should also be interested in this.
Wirecard – Game Over: Greed, megalomania and dark secrets.
Dr. Schirp from Schirp & amp; Partner in Berlin talks in the ZDF documentation Wirecard – Game Over” (January 14, 2021, 8.15pm) about the current Wirecard scandal.
Who bears the costs of fighting the pandemic?, 20. Oktober 2020 | Read more
Operators of clubs, pubs, hotels and cinemas are facing financial ruin. More than 900 of them are now going to court to fight for compensation on behalf of tens of thousands. With success?
Union Investment plans to take action against auditor EY The Wirecard accounting scandal draws wider circles, 01. Oktober 2020, Nr. 189, Seite 3
Cru / sck Frankfurt / Munich – New findings from the examination of Wirecard’s books by EY (Ernst & Young) could create a tailwind for lawsuits against the former auditor of the payment service provider involved in an accounting scandal. Union Investment is considering legal steps against EY. “In view of our fiduciary duties towards our investors in the Wirecard case, we are also examining claims against EY,” said Janne Werning, Head of ESG Capital Markets & Stewardship in Portfolio Management at Union Investment, of the Börsen-Zeitung Small shareholders’ association DSW to sue EY for damages (see BZ of July 17). The Berlin lawyers Wolfgang Schirp and Marc Liebscher see their allegations confirmed. “We have been filing claims for damages directly against EY for numerous investors since June 2020, namely at the regional court in Stuttgart. Our lawsuits are based on the fact that, according to our analysis, EY has audited alleged trust funds and has not uncovered further balance sheet manipulations at Wirecard, “they said.
Investor scandal over old buildings, 31. August 2020 | read more
A group of companies from Hanover may have harmed investors from numerous countries. Buildings that are supposed to be of high value are said to have been left to decay. The houses are in Leipzig, Berlin, Augsburg, Hanau and elsewhere in Germany Monument protection.
Constitutional Court should decide: Plaintiffs want higher corona compensation, 28. August 2020 | read more
We do not fail to recognize that the federal government is making great efforts to minimize social hardship,” says the Potsdam state liability expert Siegfried de Witt. But a legal regulation is needed. “The members of our initiative are completely to blame for the situation,” adds the Berlin lawyer Wolfgang Schirp. They should have closed alone to avoid crowds and thus relieve the health system.
Dealers and landlords want to sue: Initiative wants to demand compensation in Karlsruhe, 27. August 2020
“We do not fail to recognize that the federal government is making great efforts to minimize social hardship,” says the Potsdam state liability expert Siegfried de Witt. But a legal regulation is needed. “The members of our initiative are completely to blame for the situation,” adds the Berlin lawyer Wolfgang Schirp. They should have closed alone to avoid crowds and thus relieve the health system.
Losses due to closings: Initiative wants to fight for corona compensation, 26. August 2020 | watch the video
Many restaurants, cinemas and shops have to close during the corona lockdown. The government’s emergency aid only partially absorbs the massive losses. An initiative wants to enforce compensation before the Federal Constitutional Court.” Inside: Interview with Dr. Wolfgang Schirp, Schirp & amp; Partner Rechtsanwälte mbB.
Constitutional lawsuit over corona closings, 26. August 2020 | read more
“We have applied to the federal states to recognize the principle of an obligation to provide adequate compensation,” explains lawyer Dr. Wolfgang Schirp as a representative of an initiative of more than 850 traders. “The applications were unanimously rejected by all federal states because neither the Infection Protection Act (IfSG) nor the police and regulatory law or state liability law grants a claim to compensation.” […] The Berlin law firm Schirp & amp; Partner coordinates the process.
Corona crisis: State of Berlin pays 650,000 euros due to loss of earnings, 26. August 2020 | read more (paid content)
The State of Berlin pays compensation for officially imposed activity bans. Because of the lockdown, there are now first complaints. […] The amount of compensation paid by the State of Berlin for loss of earnings in the Corona crisis continues to rise. […] In mid-August, the Berlin law firm Schirp & amp; Partner announces that they want to fight for compensation claims for company closures.
Initiative wants to fight for compensation for corona closings, 26. August 2020 | read more
“We do not fail to recognize that the federal government is making great efforts to minimize social hardship,” says the Potsdam state liability expert Siegfried de Witt. But a legal regulation is needed. “The members of our initiative are completely to blame for the situation,” adds the Berlin lawyer Wolfgang Schirp. They should have closed alone to avoid crowds and thus relieve the health system. […] In legal terms, the lawyers argue primarily with the protection of property in the Basic Law. The massive encroachments on fundamental rights may have been justified. However, they are only constitutional if the legislature provides for financial compensation for those affected at the same time. The lawyers have also asked Health Minister Jens Spahn (CDU) by letter. This compensation could not compensate anyone for the full damage, but from the point of view of the lawyers would at least have to cover the operating costs of those affected. It is not overlooked that this “will entail considerable burdens on the federal budget”, according to an analysis sent to the minister. But: “This is the price of the strategy chosen to combat the pandemic.”
The failure of the accountants, 25. August 2020 | read more
“It makes no sense to sue someone who is already broken and from whom nothing can be obtained,” says the Berlin lawyer Wolfgang Schirp. Instead, in cooperation with his colleague Marc Liebscher, Schirp is submitting class action lawsuits by aggrieved investors against the EY auditors. 4,000 plaintiffs have already reported and the first dozen complaints have already been filed with the Stuttgart Regional Court. The lawsuits are directed against the German branch of EY, Ernst Young GmbH Wirtschaftsprüfungsgesellschaft based in Stuttgart. Schirp hopes to be able to assert claims amounting to over 500 million euros. He relies on the global size of EY. The liability claim is limited to the German EY subsidiary and not to the entire group. “I think that EY is letting its important German subsidiary go bankrupt is unthinkable,” says Schirp. Such a scenario, said the lawyer, would herald the end of the entire EY network. […] Can one speak of intent in such circumstances? Lawyer Schirp thinks that. It is aimed at the previous business reports, in which “the auditors have not even requested a balance confirmation from the bank,” as Schirp says.
Wirecard: How small investors are now fighting for compensation, 24. August 2020 | read more (paid content)
The Wirecard scandal has lost a lot of money for dozens of small investors. You want to fight back. Auditors are targeted. […] The lawsuits are directed against the German branch of EY, Ernst Young GmbH Wirtschaftsprüfungesgesellschaft based in Stuttgart. Schirp hopes to be able to assert claims amounting to over 500 million euros. He relies on the global size of EY.
Wirecard: How small investors are now fighting for compensation, 24. August 2020 | read more (paid content)
The Wirecard scandal has lost a lot of money for dozens of small investors. You want to fight back. Auditors are targeted. […] Schirp hopes to be able to assert claims amounting to over 500 million euros. He relies on the global size of EY.
Trade initiative fights for compensation for lockdown, 14. August 2020 | read more
“We have applied to the federal states to recognize an obligation to provide adequate compensation in principle,” explains lawyer Wolfgang Schirp as a representative of the initiative. “The applications were unanimously rejected by all federal states because neither the Infection Protection Act nor the police and regulatory law or state liability law grants a claim to compensation.” Because this is actually a sticking point of the IfSG: According to this law, only business owners who have to close their company due to their own infection are compensated. Schirp: “The members of our initiative were not and are not infected themselves. They did not spread the corona virus. They are completely to blame for the situation. The closure of their business premises was justified by reducing the attractiveness of the inner cities and avoiding crowds and support the health system. ” Emergency aid – insofar as it was paid – could in part mitigate massive economic consequences, but by no means avert it; in addition, many of the restrictions still apply. Restrictions that continue to stand in the way of economic operation in the cinema sector, for example. In the opinion of those involved in the initiative and their legal advisers, current practice is not in accordance with the Basic Law. Attorney Siegfried de Witt, expert on state liability law: “The company closings represent a direct encroachment on the owner’s property protected by Art. 14 GG. In addition, they encroach on the basic right of freedom of occupation, depending on the case up to complete occupational bans Interferences with fundamental rights may in themselves be justified because the authorities believe they were necessary to protect the health of the population and the health system. However, they are only constitutional if those affected are granted financial compensation The amount to be decided by the legislature. Only this corresponds to the longstanding established case law of the Federal Constitutional Court.
Corona crisis: Zoo Palast operator wants compensation, 14. August 2020 | read more (paid content)
Flebbe has now left the Berlin law firm Schirp & amp; Partner connected to an initiative that wants to fight for compensation claims for company closures. […] “We do not do policy-bashing and do not question the legality of government interventions. We are concerned with compensation for non-disruptors,” said lawyer Dr. Wolfgang Schirp.
800 traders are pushing for financial compensation, 14. August 2020 | read more
For many restaurateurs, disco operators and hoteliers, the temporary economic standstill is life-threatening. The state aid programs do nothing to change that. The Berlin administrative lawyer Siegfried de Witt speaks of the most serious encroachments on fundamental rights since the existence of the Federal Republic. That is why he and his lawyer colleague Wolfgang Schirp represent an initiative of 800 tradespeople who have now lodged constitutional complaints. This also includes cinema operator Flebbe. Although the state has initiated aid programs, the economic situation remains threatening for many companies. As a representative of the initiative of more than 800 traders, Schirp applied to the 16 federal states to recognize reasonable compensation on the merits. “The applications were unanimously rejected by all federal states because neither the Infection Protection Act nor the police and regulatory law or state liability law grants a claim to compensation,” he said at a press conference in Berlin. There is also no support from the courts. This is indicated by the first judgments of the Heilbronn and Hanover regional courts. But Schirp is undeterred. “’Letter justice’ is practiced in the civil courts. The claims are rejected because the law says nothing about it. ”But the question is not asked, adds Schirps comrade de Witt, whether a lack of compensation for company closings and professional bans is constitutional. That lies beyond the horizon of civil law. At the same time as the constitutional complaint, the initiators asked Federal Health Minister Jens Spahn and numerous health politicians to change the Infection Protection Act. Compensation is to be expressly anchored there if business closings and professional bans are imposed.
“Sue abroad” – This is the new opportunity for Wirecard victims, 6. August 2020 | read more (paid content)
In the Wirecard fraud scandal, pressure on EY’s auditors is growing. On the one hand, the authorities’ investigations are now getting closer and closer to possible errors by the auditors, on the other hand, investor lawyers are looking for starting points to claim as much compensation as possible from EY. They could have found one. It is definitely interesting for aggrieved shareholders.
Mittagsmagazin: Focus on the Wirecard scandal, 29. Juli 2020 | watch the video (available until 29.7.2021)
Unprecedented success story, unprecedented crash and in the end an unprecedented balance sheet fraud? Who is responsible for the Wirecard scandal?
Germany investigates Wirecard’s fraud case, 29. Juli 2020 | watch the video
Prosecutors are investigating one of the largest accounting fraud cases in the country’s recent history after the online payment services company crumbled into insolvency last month, admitting that $2.2bn was missing.
Wirecard shareholders’ chance to receive compensation, 17. Juli 2020 | read more (paid content)
Both, Private as well as institutional investors parted with their Wirecard shares far too late – and so lost a lot of money. This makes small investors especially angry. They want to fight back. And the starting conditions in the Wirecard case are favorable for private investors.
Class actions against Wirecard and EY, 13. Juli 2020 | read more
The plaintiffs accuse the auditor of having failed to audit Wirecard in accordance with the applicable auditing principles. […] The law firm Schirp & amp; Partner has filed a lawsuit against EY, while the Protection Association of Investors SdK has filed criminal charges against two incumbent and one former EY auditor.
Wirecard lawsuits guide: You really have these chances, 10. Juli 2020 | read more (free of charge after registration)
The double interview: […] DER AKTIONÄR: “Dr. Schirp, Mr. Tüngler, there are lawsuits from various law firms against Wirecard itself, company executives and the auditor EY. Even BaFin has come under heavy criticism. How do you generally rate the chances of success for aggrieved investors who want compensation – especially after Wirecard’s filing for bankruptcy?” Dr. Wolfgang Schirp: “I am sure that lawsuits against Wirecard AG no longer promise any economic benefit due to the insolvency that has occurred.”
Wirecard crash: How a pensioner lost almost 450,000 euros to the fraud, 9. July 2020 | read more
Sundern wants to sue for damages. He has joined the collective proceedings of the lawyers Wolfgang Schirp and Marc Liebscher. Since there is not much to be gained from Wirecard, the lawyers are suing the auditors from Ernst & amp; Young, one of the big four in the industry. “If you look at what EY has done wrong with its attestations, your mouth is open,” says Schirp. For example, in the annual financial statements between 2016 and 2018, trust balances in Dubai, Singapore and the Philippines amounting to more than one billion euros were certified, “although there were no confirmations from the account-keeping banks”. Schirp speaks of the “basics of the auditing business”. From the lawyers’ point of view, Ernst & amp; Young a huge wave of lawsuits, “which could grow to the largest in German history”. According to their own information, both firms now represent 7,000 to 10,000 clients in the case. “At the end of the day, EY will have a loss volume of 1.5 billion euros,” explains Schirp, who holds a doctorate in law.
Wirecard scandal shakes EY – auditor fears wave of lawsuits and serious damage to its image, 9. JulY 2020 | read more (paid content)
Since there is not much left to gain from the insolvent Wirecard, law firms such as […] Schirp & amp; Partner EY. There they smell a well-filled cash register – and with good reason: EY’s business in Germany has been flourishing for years. Just in time for the anniversary, the German EY cracked the sales mark of two billion euros in the 2018/19 financial year. The company sees itself as the market leader in tax and legal advice, which accounts for a little more than a third of sales.
Claims for damages: what Wirecard investors can do now, 9. July 2020 | read more (paid content)
The Berlin investor lawyer Wolfgang Schirp also wants to hold EY accountable. His law firm Schirp & amp; At the beginning of June, Partner filed a lawsuit against EY and, according to its own statements, is also registering “keen interest from shareholders”.
Kölner Stadt Anzeiger,
Wirecard crime thriller: possibly the biggest wave of lawsuits in German history, 8. July 2020 | read more (paid content)
Following the bankruptcy of Wirecard, the auditors from Ernst & amp; Young (EY) are now in focus. Can they be held liable for the accounting scandal and thus for the losses suffered by investors? Many investors hope so, especially since there is probably nothing to be gained from Wirecard even after the bankruptcy. A wave of processes is rolling towards EY. Law firms such as Schirp & amp; Partners and investor advocates such as the protection association of Klaein shareholders have already filed lawsuits.
Wirecard: Lawyers for aggrieved investors now want to sue Ernst & amp; Young and the state, 7. July 2020 | read more
The auditors from Ernst & amp; Young (EY) could soon be confronted with a class action lawsuit due to the Wirecard bankruptcy. As the “Focus” reports, the lawyers Wolfgang Schirp and Marc Liebscher want to bring a class action lawsuit from 7,000 to 10,000 clients who have suffered damage totaling 1.5 billion euros as a result of Wirecard’s business conduct. […] Attorney Schirp assumes that EY would have recognized the imponderables at an earlier point in time and could have prevented greater damage by refusing the attestation. For example, in the annual financial statements between 2016 and 2018, trust balances in Dubai, Singapore and the Philippines amounting to more than one billion euros were certified without having to obtain confirmations from the account-holding banks. This disregarded the “basics of the auditing business”. The 2018 consolidated financial statements were approved despite a significantly exaggerated presentation of the cash balance. […] In the most extreme case, one wants to hold the state accountable, explains Schirp. Federal Finance Minister Olaf Scholz and Bafin boss Felix Hufeld have already admitted a failure of state supervision.
Financial Times – Alphaville,
EY Germany will survive, but legal troubles loom, 7. July 2020 | read more
Almost a month ago, Bloomberg reported that Berlin-based lawyer Wolfgang Schirp had filed suit on behalf of Wirecard investors against EY Germany after Wirecard’s headquarters were raided as part of a market manipulation probe. After the search on June 7, Schirp told German paper Handelsblatt that he also had questions about details contained in the KPMG special audit and in particular, EY’s inability to confirm €1bn in trust assets in the 2018 accounts.”
Wirecard scandal will have cascading impact on Germany’s audit, regulatory landscape, 7. July 2020 | read more
Wirecard’s long-time auditor, EY, faces mounting legal action as well. One class-action lawsuit, filed by the law firm of Wolfgang Schirp, took issue with EY auditing Wirecard’s alleged equity capital of €1.9 billion (U.S. $2.1 billion) “without objection, although no sufficient evidence was available. This procedure is very peculiar and, according to our analysis, does not correspond to the dutiful procedure of an auditor,” Wolfgang Schirp stated.
Investor scandals before Wirecard: lies and lies and lies, 5. July 2020 | read more
BaFin has come under direct fire in connection with the bankruptcy of P&R. The Berlin law firm Schirp & Partner is of the opinion that BaFin violated its official duty in connection with the insolvency of P&R and should compensate investors. The claim for damages has been running since the end of last year. The approximately 3.5 billion euro bankruptcy of P&R is about the fact that BaFin hasn’t requested any further information beyond the purely formal examination, such as the age of the containers that the company passed on to investors.
Australia: Wirecard collapse raises questions of auditor and regulator negligence, 4. July 2020 | read more
German law firm, Schirp & Partner, has said it will file class actions against EY on behalf of both shareholders and bondholders. Their questions being how EY was able to issue the last audit certificates for Wirecard without limitations and how the deficiencies identified by KPMG remained hidden from EY in the years prior. Schirp & Partner’s position is that the audit certificates could probably not have been issued without a breach of EY’s auditing obligations and that EY has certified bank balances of up to $EUR1.9 billion without sufficient audit evidence, as the banks concerned deny the existence of the accounts.
Wirecard se derrumba debido a $ 5.8 mil millones, 2. July 2020 | read more
El bufete de abogados alemán Schirp & Partner dijo que con Wirecard ahora efectivamente marginado, presentaría acciones colectivas contra EY en nombre de los accionistas y tenedores de bonos. “Es aterrador el tiempo que Wirecard AG pudo operar sin que los auditores lo objetaran”, dijo el socio Wolfgang Schirp.
Bafin boss on Wirecard bankruptcy: Into the disaster according to regulations, 1. July 2020 | read more
Various institutional investors now want to sue the Bafin for this reason: “We have been commissioned by several international investors to examine a state liability suit,” says the Berlin lawyer Marc Liebscher, who, together with his colleague Wolfgang Schirp, has already been brought against the auditor E&Y is going on in the matter. “We see a complete system failure here: At the DPR, at the Bafin, and in the Federal Ministry of Finance, which has not set up a structure that can effectively check.” How much the international reputation of Germany as a financial center suffered as a result of the scandal is “apparently not yet clear to those responsible,” says Liebscher.
Wirecard: EY is caught in the crosshairs of investors, 1. July 2020 | read more
The Berlin law firm Schirp has also filed a lawsuit against EY in the meantime – the lawyers see a joint responsibility of EY in the Wirecard debacle.
WIRECARD Collapse: Investors sue Germany over Wirecard regulatory failures, 30. June 2020 | read more (paid content)
Thousands of Wirecard investors are preparing to sue the German state for billions of euros over its alleged failure to pre-empt the worst accounting scandal in the history of its premier share index, the Dax. Two separate class actions will accuse the financial watchdogs of negligence after it emerged that they had assigned only one full-time worker to investigate claims of a complex €1.9 billion fraud at Wirecard last year.
Wirecard Collapse Drags Big Four’s EY Into the Crosshairs as German Investor Suit Expands, 30. June 2020 | read more (paid content)
Berlin firm Schirp & Partner also said it has filed a suit against EY, as has the German investor’s protection association SdK. EY Germany could not immediately be reached for comment. The lawsuits come amid a raft of questions about EY’s role in the company’s bankruptcy.
Lawsuits against EY and Bafin in the Wirecard scandal, 30. June 2020 | read more
The Berlin-based lawyers Marc Liebscher and Wolfgang Schirp are preparing a class action lawsuit against the Federal Republic of Germany for state liability. The reason is the “blatant failure of the German supervisory authorities” in the Wirecard case. The lawyers want to obtain compensation for their clients, it will cost millions, the Wirecard has now filed for bankruptcy.
Wirecard scandal: BaFin and auditors must fear lawsuits, 30. June 2020 | read more
The Berlin lawyers Wolfgang Schirp and Marc Liebscher are also preparing a class action suit against the Bafin and the DPR on behalf of Wirecard investors: because of state liability. It is to be checked whether Germany has violated EU law because of the inadequate supervision, Liebscher told finance-magazin.de. The lawyer sees “scandalous conflicts of interest” in the auditors of the DPR, because executive board Ernst is also on the supervisory board of several large corporations like TUI, Vonovia or Metro.
Australian Computer Society – Information Age,
German fintech misplaces $3b, goes bust – Wirecard CEO arrested amid accounting scandal, 30. June 2020 | read more
Shortly after Wirecard announced its insolvency, German law firm Schirp and Partner began a class action lawsuit on behalf of investors and shareholders. Since it won’t be able to target the insolvent Wirecard, the lawyers are instead looking to go after its annual auditor, EY. Lawyer Wolfgang Schirp said the collapse of Wirecard was “foreseeable”. “It is frightening how long Wirecard AG was able to operate without being objected to by the auditors,” he said. “We have been monitoring Wirecard AG since 2008 and have collected very extensive material. It was always clear that something was wrong.”
“Um escândalo sem precedentes no mundo financeiro” coloca a Ernst & Young nas cordas, 30. June 2020 | read more
No início de junho, o escritório de advocacia de Berlim Schirp & Partne entrou com uma ação contra a EY . Ele a acusa de violar “as obrigações de controle de um auditor”. As ações da Wirecard caíram 98% nos últimos dez dias. O gabinete da Schirp insta os acionistas a entrar com uma ação coletiva contra a EY.
Wirecard scandal: the failure of the supervisors and auditors, 29. Juni 2020 | read more
The law firm Schirp & amp; Partner filed a lawsuit against EY at the beginning of June and, according to its own statements, is currently registering “keen interest from shareholders” who want to join the lawsuit.
Brutal strikes for the accounting police, 29. June 2020 | read more
Things get even worse for the two authorities: The Berlin lawyers Wolfgang Schirp and Marc Liebscher are preparing a class action lawsuit against the Bafin and the DPR for state liability on behalf of Wirecard investors. Both institutions would have made “blatant” mistakes. “For this we will sue the Federal Republic for damages for our clients”, announced Liebscher. In his opinion, it should also be checked “whether Germany has violated EU law because of inadequate supervision”. Liebscher believes he sees “scandalous conflicts of interest” within the DPR. The FREP President Ernst, who has been in office since 2011, sits on the supervisory boards of the major corporations Metro, Tui and Vonovia at the same time. He is also critical of the fact that the Bafin, with the DPR, “integrated an association under private law into sovereign tasks of supervision”. In the financial sector he demands “effective control structures according to international standards” from politics.
EY is increasingly targeted in the Wirecard scandal, 29. June 2020 | read more
Investor protection associations and several large law firms announced in the past few days that they would also want to examine claims for damages against EY. The accusation: EY did not check Wirecard’s figures and balance sheets with sufficient accuracy and did not investigate public doubts. The Berlin law firm Schirp & amp; Partner claims to have already filed a first lawsuit against EY. The auditors had audited credit balances in trust accounts of up to 1.9 billion euros without any complaints, although there was insufficient evidence for this, the law firm explained as justification: “According to our analysis, this does not correspond to the dutiful approach of an auditor.” With the lawsuit Investors are to be compensated for possible losses from transactions with shares and bonds from Wirecard and corresponding derivatives. A lawsuit against the auditor also has a greater chance of success than against the ailing payment service provider himself, argued the lawyers at the beginning of last week. After the Dax group filed for bankruptcy on Thursday, they see their assessment confirmed: The bankruptcy has already emerged, says Wolfgang Schirp to the “Spiegel”.
‘The Enron of Germany’: Wirecard scandal casts a shadow on corporate governance, 29. June 2020 | read more
It comes after law firm Schirp & Partner brought a class action lawsuit against the accountancy on behalf of Wirecard investors, alleging it failed to flag improperly booked payments on Wirecard’s 2018 accounts.
Wirecard shares up 118 percent – two lawsuits against the German state, 29. June 2020 | read more
The Wirecard insolvency scandal leads to two state liability suits against the German state. Meanwhile, the operations of the payment processor in the Philippines are to be investigated. […] On behalf of Wirecard shareholders, two law firms that have already filed lawsuits against the auditor Ernst & amp; Young have filed class action lawsuits against the Federal Republic of Germany for state liability. “Wirecard has destroyed billions of euros in investor money in an uncontrolled manner,” said a statement from the law firms Schirp and Liebscher on Sunday. Schirp sees parallels in the failure of the supervisory authority BaFin and the German Audit Office for Accounting with the insolvency of the container provider P&R.
German government draws the first conclusions from the Wirecard scandal: In the future, the financial supervisory authority should determine Bafin itself. Class actions are rolling towards the state, 29. June 2020 | read more
The Berlin lawyers Wolfgang Schirp and Marc Liebscher stated that they had been commissioned by Wirecard investors to file a class action lawsuit against the Federal Republic. The reason is the failure of the supervisory authorities. Bafin and the “accounting police” DPR would have made blatant mistakes. “We will sue the Federal Republic of Germany for damages for our clients,” said Marc Liebscher. According to the lawyers, it must also be checked whether EU law has also been violated due to insufficient supervision.
Wirecard Fallout: Auditor EY Accused of Not Flagging $2.1B Black Hole Sooner, 29. June 2020 | read more
Earlier this month, before the most recent revelations of accounting malpractice, law firm Wolfgang Schirp had filed a class-action lawsuit against EY for its failure to spot improperly booked payments in Wirecard’s 2018 accounts.
Alemania revisa regulación tras escándalo de Wirecard, 29. June 2020 | read more
Marc Liebscher y Wolfgang Schirp, los abogados con sede en Berlín, señalaron ayer que están preparando una demanda colectiva de inversionistas contra la República Federal de Alemania, quienes exigen daños y perjuicios por una supuesta “falla de las autoridades reguladoras alemanas” en el caso de Wirecard. […] A principios de junio, el bufete de abogados berlinés Schirp & Partner interpuso una acción judicial contra EY bajo la acusación de violar “las obligaciones de control de un auditor”.
El escándalo de Wirecard pone a la auditora EY contra las cuerdas, 29. June 2020 | read more
A principios de junio, el bufete de abogados berlinés Schirp & Partner interpuso una acción judicial contra EY. La acusa de violar “las obligaciones de control de un auditor”. Las acciones de Wirecard se han desplomado un 98% durante los últimos diez días. El gabinete Schirp insta a los accionistas a presentar una demanda colectiva contra EY.
Scandale Wirecard: EY dans la tourmente, 29. June 2020 | read more
Mais les soupçons sur EY portent sur une période plus longue. Le cabinet d’avocats berlinois Schirp & Partner a entamé début juin une action en justice visant EY. EY n’a pu certifier les comptes de Wirecard des années durant « sans une violation des obligations de contrôle d’un auditeur », accuse le cabinet sur son site.
Idei De Afaceri,
Caderea Wirecard pune EY pe jar, 29. June 2020 | read more
La randul sau, firma de avocatura Schirp & Partner din Berlin a demarat la inceputul lunii iunie o actiune in justitie care vizeaza Ernst & Young. Potrivit avocatilor, Ernst & Young nu ar fi putut certifica conturile Wirecard timp de mai multi ani “fara o incalcare a obligatiilor de control ale unui auditor”. In conditiile in care actiunile Wirecard s-au prabusit cu 98% in ultimele zece zile, detinatorii de actiuni la firma germana de plati online sunt invitati de cabinetul de avocatura Schirp & Partner sa se alature unei actiuni colective in justitie care sa vizeze Ernst & Young.
Critics’ ire turns on auditor EY after collapse of Wirecard, 29. June 2020 | read more
Berlin-based law firm Schirp and Partner launched a lawsuit against EY in early June, saying on its website the group could not have certified Wirecard’s accounts “without a breach of an auditor’s auditing obligations.” Given Wirecard’s share price has collapsed by 98 percent in 10 days, Schirp told shareholders that “EY is economically the better claimant for aggrieved investors,” urging them to join a class action suit.
Germany to overhaul accounting regulation after Wirecard collapse, 28. June 2020 | read more (paid content)
Berlin-based lawyers Marc Liebscher and Wolfgang Schirp said on Sunday they are preparing a class action lawsuit of investors against the Federal Republic of Germany. The investors demand damages for an alleged “failure of German regulatory authorities” in the Wirecard case.
Wirecard state liability? DPR flies – admission of guilt?, 28. Juni 2020 | read more
It’s logical that (sic) here several lawyers suspect approaches for a possible state liability. It looks like a lot of “time” with the serious allegations in the room – and by summer 2019 at the latest, these were unmistakable. We quote from a publication by Schirp und Partner, who announced today that they were preparing class action lawsuits for state liability: “The media reports are undisputed: the Federal Financial Supervisory Authority (BaFin) saw an occasion to investigate Wirecard AG for balance sheet manipulation since February 2019. In accordance with the two-tier German supervisory law in this area, it passed the investigation on to the German Audit Office for Accounting (DPR). The DPR is an association under private law that is entrusted with sovereign tasks in this area. The DPR provided a single employee for the Wirecard audit. This employee did not succeed in submitting an audit report until the collapse of the Wirecard Group in June 2020, i.e. within a period of one and a half years. BaFin, for its part, prohibited Wirecard for a long time in 2019 by prohibiting the Short selling of stocks (Short Selli ng) protected. This was despite the fact that very substantiated allegations were made against the company’s accounting, especially by the Financial Times, but also by other media. These allegations pointed to a fraudulent inflation of the balance sheet. Overall, there was a blatant failure of the supervisory authority. Federal Finance Minister Scholz expressly admitted this. BaFin boss Felix Hufeld has already admitted mistakes. It is therefore not unexpected that tomorrow, Monday, the responsible ministries will terminate the contract between the Federal Republic of Germany and the FREP, according to media reports. EU Vice Commissioner Valdis Dombrovskis has also announced an investigation. It should be checked whether Germany has violated EU law because of inadequate supervision. Above all, the strange division of tasks between BaFin and FREP is at the center of criticism from the EU.”
Fateful days for Wirecard – this could continue for the former giant, 28. Juni 2020 | read more (paid content)
The financial supervisory authority wanted to prevent the bankruptcy from being delayed. The first interested parties are ready for parts of the Wirecard Group.
First claims for damages against the BaFin, 28. Juni 2020 | read more
The Berlin lawyers Marc Liebscher and Wolfgang Schirp are also preparing a class action lawsuit against the Federal Republic of Germany for state liability. The reason for them is also “the blatant failure of the German supervisory authorities” in the Wirecard case. “For this we will sue the Federal Republic for damages for our clients”, announced Liebscher.
Wirecard: Federal government is drawing initial conclusions from the Wirecard scandal, 28. Juni 2020 | read more
The Berlin lawyers Wolfgang Schirp and Marc Liebscher announced that they had been commissioned by Wirecard investors to file a class action lawsuit against the Federal Republic. The reason is the failure of the supervisory authorities. Bafin and the DPR would have made blatant mistakes. “We will sue the Federal Republic of Germany for damages for our clients,” said Marc Liebscher. According to the lawyers, it must also be checked whether EU law has also been violated due to insufficient supervision.
Scandale Wirecard: les poursuites s’accumulent contre l’auditeur EY, 28. Juni 2020 | read more
Le cabinet d’avocats berlinois Schirp & Partner a entamé dès le début du mois de juin une action en justice visant EY. EY n’a pu certifier les comptes de Wirecard des années durant “sans une violation des obligations de contrôle d’un auditeur”, accuse le cabinet sur son site. Alors que l’action Wirecard a fondu de 98% ces dix derniers jours, ses actionnaires sont invités par le cabinet Schirp à se regrouper autour d’une action collective en justice visant EY.
Escândalo da Wirecard põe Ernst & Young na berlinda, 28. June 2020 | read more
No início de junho, o escritório de advogados berlinense Schirp & Partner entrou com uma ação na Justiça contra a EY, acusando-a de violar “as obrigações de controle de um auditor”. O conglomerado japonês Softbank planeja fazer o mesmo, de acordo com a revista semanal “Der Spiegel”.
EY failed to ask for Wirecard bank statements for 3 years: Auditor of insolvent payments group under fire for failing to detect fraud, 26. Juni 2020 | read more (paid content)
EY is facing a class-action lawsuit in Germany brought by Wirecard investors. Wolfgang Schirp, a Berlin-based lawyer who is working on the case against the audit firm, said: “It is frightening how long Wirecard was able to operate without being objected to by the auditors. We have been monitoring Wirecard since 2008 and have collected very extensive material. It was always clear that something was wrong.”
Wirecard auditors face legal action after collapse of scandal-hit payments firm, 26. June 2020 | read more
EY is facing mounting legal pressure due to its role in auditing Wirecard’s accounts. Earlier this month, Wolfgang Schirp filed a class action lawsuit against the consultancy on behalf of Wirecard investors, alleging it failed to flag improperly booked payments on Wirecard’s 2018 accounts.
S&P Global Market Intelligence,
Wirecard investors set for legal battle as accounting questions mount, 26. Juni 2020 | read more
Berlin-based law firm Schirp & Partner is taking legal action against auditor EY because it believes it has more chance of recovering money lost by investors via that route. “I am a little pessimistic about Wirecard’s future so if we sue them for three-digit millions of euros, we need somebody who is still strong and able to pay in two or three years from now when the legal cases are hopefully won,” Schirp & Partner founding partner Wolfgang Schirp told S&P Global Market Intelligence. EY should have been able to read the “red flags” and look behind figures presented by Wirecard, he said.
TecDAX/Wirecard: And the caravan moves on – who is next?, 26. Juni 2020 | read more
Lawsuit against E&Y appears to have at least one solvent opponent. The law firm Schirp und Partner sees this as an opportunity to see money that an insolvent Wirecard can no longer pay. And the E & amp; Y audited every balance sheet despite – as has now become known – missing millions and billions for years already has a very strong taste. The law firm also offers litigation financing so that no money “has to be taken in hand”
Wirecard scandal: EY defends itself, 26. Juni 2020 | read more
EY is defending itself against the allegations in the Wirecard scandal – regardless of their duty of confidentiality. Much is at stake, because a wave of lawsuits is rolling towards the Big Four. […] law firms such as Schirp & amp; Partner have already filed initial lawsuits.
Wirecard files for insolvency amid German accounting scandal: Move comes after former CEO at payments firm held on suspicion of falsifying accounts, 25. Juni 2020 | read more
EY itself is facing a class action suit by Berlin-based law firm Schirp & Partner and attorney Marc Liebscher on behalf of “aggrieved” shareholder and bond investors. “It is frightening how long Wirecard AG was able to operate without being objected to by the auditors,” the law firm’s founding partner Wolfgang Schirp said in a statement. A spokesperson for Schirp said the claim could end up being worth more than €500m.
Balance sheet review: Has EY been duped by Wirecard?, 25. Juni 2020 | read more (paid content)
The accounting scandal also has a negative impact on the image of the auditor responsible for Wirecard. Criticism does not only come from experts. The first criminal complaint has now been filed.
What the Wirecard bankruptcy means for shareholders, 25. Juni 2020 | read more
Wirecard has to file for bankruptcy, the share plummeted within a day like no other of a Dax company. Investors have a chance of compensation, lawyers promise. What is to be made of it? […] Attorney Schirp is convinced that the case “is as if painted to demonstrate the auditor’s liability in court”. This liability is “undisputed in the literature”. Not only the aggrieved shareholders are entitled to claim, but also all investors who subscribed to the Wirecard AG bond issued in 2019, as well as the holders of derivatives.
Law Firm Gathers Wirecard Investors For Action Against EY, 25. Juni 2020 | read more (paid content)
Berlin-based law firm Schirp & Partner said Thursday it is rounding up Wirecard AG investors for further group action against auditor Ernst & Young after the payments company filed for insolvency court protection, eliminating it as a target for legal proceedings. Schirp & Partner filed a collective action June 8 against EY before a court in Stuttgart, where the auditor has its German headquarters, and said Thursday it is preparing further lawsuits. The firm alleges that EY breached its auditing obligations by not identifying a €1.9 billion ($2.1 billion) hole in Wirecard’s accounts until it was too late.
‘The money’s gone’: Wirecard collapses owing $4 billion, 25. Juni 2020 | read more
German law firm Schirp & Partner said that with Wirecard now effectively sidelined, it would file class actions against EY on behalf of shareholders and bondholders. “It is frightening how long Wirecard AG was able to operate without being objected to by the auditors,” partner Wolfgang Schirp said.
Neue Zürcher Zeitung,
How can there be no trace of 1.9 billion? Auditing experts say about the Wirecard case: “That is beyond imaginable”, 23. Juni 2020 | read more
Experts are perplexed how a quarter of the total assets of the German payment service provider could disappear. However, there have been a number of warning signs in recent years. There is also the question of whether the EY auditors looked closely enough. […] Observers expect that EY will soon face a wave of lawsuits. The German law firm Schirp & amp; According to media reports, Partner filed a complaint against the auditing company at the beginning of June for errors in the audit of the balance sheet and in communication with the public. There is a keen interest from shareholders to join the lawsuit, it said.
Compensation demanded: Will the Wirecard case soon become an EY case?, 23. Juni 2020 | read more
The question arises as to how EY was able to issue the last certificates without restriction, so not only the lawyers Schirp & amp; Partner: “How could it be that the deficits identified by KPMG remained hidden from EY’s annual auditors in previous years?” As the “Handelsblatt” reports, a wave of processes is rolling towards the Wirecard testers EY. […] The law firm Schirp & amp; Partner wants to hold EY accountable and file a lawsuit. Wolfgang Schirp says: “Our lawsuit is based in particular on the fact that EY has audited Wirecard’s alleged equity capital of up to 1.9 billion euros in the past few years, although there was insufficient evidence.” This approach is very peculiar and, according to Schirp’s analysis, does not correspond to the dutiful approach of an auditor.
Das Erste – Börse vor acht,
Wirecard, the second act of the drama, 19. Juni 2020 | watch the video
The shares are on the ground, the scandal is perfect. Now the boss is leaving. The Wirecard shareholders experienced another wild day. Which should be significant for the group. Because the banks are now deciding on loans of 2 billion euros that they could definitely terminate. Wirecard has launched an accounting scandal that is second to none. Criticism’s crosshairs are now also those who probably made this possible in the first place. The supervision – and the auditors of EY. (the lawsuit against EY from min 2:20)
Wirecard debacle: how could EY overlook that?, 19. Juni 2020| read more (paid content)
Ernst & amp; Young blessed Wirecard’s annual reports for years and is now caught in the crossfire himself. There are threats of lawsuits – and it would not be the first time that EY has had to answer in court.
EY fintech audit angers investors: EY is being targeted by investor representatives unhappy with its audit of the fast-growing German fintech Wirecard, 17. Juni 2020 | read more
Berlin-based lawyer Wolfgang Schirp has been on EY’s trail for months following claims that Wirecard had been overstating its revenues since 2016. As reported by Bloomberg, Schirp is preparing a suit based on claims that the payment processor improperly booked €1bn in assets in its 2018 accounts. After Wirecard’s headquarters was searched for evidence by prosecutors on 7 June, Schirp told the German paper Handlesblatt that EY had not questioned the lack of balance confirmations for €1bn in trust assets in its auditor’s report on the 2018 accounts. “EY’s attestation should either have been restricted or at least supplemented,” he said.
Criminal charges, raids, annual results: Wirecard is under constant stress, 8. Juni 2020 | read more
The criminal complaint and the raid shortly before the annual balance sheet are a heavy burden on Wirecard. The criticism of CEO Braun is growing. The auditor EY is also coming under pressure. […] The Berlin lawyer Wolfgang Schirp, who represents around 80 private investors, wants to file a lawsuit against EY on Monday at the Stuttgart Regional Court, the German seat of the auditors. “The main reason is that EY did not complain in the auditor’s report for the 2018 annual financial statements that no balance confirmations were available for around one billion euros in alleged trust assets, as we believe the KPMG report shows. EY’s attestation should have either been restricted or at least expanded to include a supplement.
Frankfurter Allgemeine Zeitung,
For the Wirecard board of directors it’s all or nothing now, 8. Juni 2020 | read more (paid content)
“When CEO Markus Braun presents the balance sheet in ten days, his future depends on the auditor’s certificate. The first lawyers are now suing them. This Monday a group of private shareholders will file a lawsuit against EY. You accuse the examiners of a confirmation “in the dark”. According to the assessment of the lawyers Wolfgang Schirp and Marc Liebscher, who represent the investors, EY did not complain in the auditor’s report for the last annual financial statements that there were no balance confirmations for around 1 billion euros of alleged trust assets.
Ernst & Young Sued Over Wirecard as Accounting Woes Add Up, 8. Juni 2020 | read more
Accounting firm Ernst & Young was sued over its work for Wirecard AG, just two days after Wirecard’s headquarters were raided as part of a market manipulation probe. The German lawsuit alleges that EY failed to flag that 1 billion euros ($1.1 billion) in assets were improperly booked on the payment processor’s 2018 accounts, Wolfgang Schirp, a lawyer for private investors, said in a statement on Monday.
Wirecard: lawsuit filed against auditor EY, 8. Juni 2020 | read more
The new lawsuit alleges that EY failed to indicate that around one billion euros in assets were not properly booked in the payment service provider’s accounts in 2018, according to Dr. Wolfgang Schirp, specialist lawyer for banking and capital market law.
EY fights fires on three audit cases that threaten its global reputation, 7. Juni 2020 | read more (paid content)
Berlin district court condemns the Scope rating agency to pay damages: For the first time, a rating agency in Germany was convicted of the incorrect rating of a corporate bond. The court does not save with criticism, 3. Juni 2020 | read more
“The court is convinced that the rating is incorrect,” says the judgment of the 11th civil division of the regional court, which the Berlin law firm Schirp & amp; Partner won for the applicant (Az .: 11 O 5/19). “As far as we know, this is the first judgment in Germany that affirmed the liability of a rating agency,” said Susanne Schmidt-Morsbach, lawyer at Schirp & amp; Partner, the Handelsblatt. “It is very gratifying that the court followed our argument in full and decided on full compensation in the case of this bond rating,” said Schmidt-Morsbach.
Wirecard’s examiner EY comes under fire, 13. Mai 2020 | read more
Investor representatives raise serious allegations against Wirecard’s auditor Ernst & amp; Young – and prepare a lawsuit. In the meantime, Wirecard has been looking for a new auditor itself. […] “Based on the statements in the KPMG report and the previous press reports on this – and above all without any substantive refutation by Wirecard – it is the uniform expert opinion that EY has issued attestations that meet the legal requirements at least on the three points mentioned We are assuming that this can be used to derive liability claims by investors who have invested in the share trusting the attestation “, is how Wolfgang Schirp from Schirp & amp; Partner summarizes the reasoning for a lawsuit against EY.
Wirecard investors seek fraud probe: Investors push for appointment of special auditor at German fintech group, 14. Januar 2020 | read more (paid content)
A small group of Wirecard shareholders are attempting to force their own review into allegations of fraud and false accounting at the German fintech, following what a lawyer for the investors called “a history of cover up” at the Dax 30 company.
48 / 5000
Why small shareholders are putting Wirecard under pressure , 13. Januar 2020 | Read more
The critical reporting on Wirecard does not stop – some shareholders are now fed up. You are requesting a new special test as soon as possible. Wirecard should seize the chance […] With the battered payment provider Wirecard, there is simply no rest. The latest development: a group of shareholders represented by the law firm Schirp & amp; Partner Rechtsanwälte mbB in Berlin wants to force an extraordinary general meeting to be called at the earliest possible date.
Small shareholders are calling for a special audit at Wirecard: The balance sheets of partners of the payment service provider are to be examined again by independent experts, 13. Januar 2010 | Read more
A group of small shareholders wants to enforce an independent special audit at the payment service provider Wirecard. “We want to be clear as soon as possible about what’s going on at Wirecard,” said lawyer Wolfgang Schirp on Monday.
F.A.Z. Exclusive: Small shareholders want special audit from Wirecard, 13. Januar 2020 | Read more
Investment lawyer Wolfgang Schirp calls for an end to the “game of hide and seek” at the controversial payment service provider. However, the general meeting must first approve a special audit.
The New York Times,
Law Firm Schirp Calls for Special Audit of Wirecard, 13. Januar 2010 | Read more
Law firm Schirp & Partner called on Monday for a special audit of German payments company Wirecard, which is facing allegations of fraud and false accounting, on behalf of a small group of shareholders. […]
Frankfurter Allgemeine Zeitung,
Wirecard is replacing the chief supervisor: In the middle of the KPMG special audit, shareholders apply for an independent examination of the balance sheets, 13. Januar 2020
From the content: “[…] ‘We want the game of hide-and-seek to end,’ said lawyer Wolfgang Schirp, who represents the shareholders, on Sunday at F.A.Z. […]”
The Wall Street Journal,
Wirecard Chairman Steps Down From Embattled Payments Giant: Wulf Matthias, who resisted calls for an independent audit, resigned suddenly and will be succeeded by Thomas Eichelmann, 12. Januar 2020 | Read more
Wirecard AG ’s chairman, who resisted calls for an independent audit of the under-fire German payments group, quit his role, effective immediately — a move the company said was aimed at improving its corporate governance.
The Sunday Times,
Grand designs: Irish investors hoped for big payouts from Dolphin Trust/German Property Group, but this may be an anxious Christmas, 15. Dezember 2019 | Read more (paid content)
Pablo Solar from Schirp & Partner, a Berlin law firm representing more than 100 GPG investors from Asia and Britain, has similar concerns. “Investors must ralise that … some of the properties that should be developed are not owned by Dolphin or affiliated companies,” he said.
Mr. Brömmer’s containers, 5. Dezember 2019 | Read more
A retired doctor tries to do everything right with his investment and, like tens of thousands of others, is excluded from scammers. Does the financial regulator finally have to intervene? A trial in Frankfurt.
Frontal 21: Gold mine Housing shortage: Profits with ruthless methods, 3. Dezember 2019 | zum Video (verfügbar bis 3.12.2020)
Investors from abroad have been buying apartment buildings in many cities for years, because money can easily be made with the apartments, which were relatively cheap there until then. See the interview with Christian Winkhaus, attorney-at-law from min 9:40.
report MÜNCHEN: Account canceled! Credit has shrunk! Negative interest rates put a strain on savers, 19. November 2019 | zum Video (verfügbar bis 19.11.2020)
The saved belongs to the saver. That was true so far. But negative interest rates are increasingly burdening the deposits and nibbling on credit. Banks and savings banks refer to the European Central Bank. It has imposed negative interest rates on the euro countries since 2014. The institutes pass the loss on to their customers. Hundreds of thousands of customers therefore had to cancel their savings contracts. ”Interview with lawyer Dr. Wolfgang Schirp from min 5:40.
Financial scandals: offer to P&R investors, 16. November 2019 | Read more (paid content)
The US financial investor York Capital offers aggrieved investors of the container provider P & amp; R to buy their insolvency claims. This would allow investors to get back part of their money for the first time and get out of the current, possibly years-long insolvency proceedings.
Container Fraud Case: Offer for P&R Investor Claims, 15. November 2019 | Read more
The creditors of the insolvent container lessor now have the option to quickly shelve the failed investment.
York Capital Management: New York hedge fund wants P&R investors to buy their claims, 15. November 2019 | Read more
The US hedge fund meddles in the bankruptcy of container distributor P&R. The public offer causes astonishment among the insolvency administrator.
Fonds professionell online,
P & amp; R bankruptcy: hedge fund makes strange offer to injured party, 15. November 2019 | Read more
The insolvency administrator Michael Jaffé hopes that he can earn one billion euros with the rest of the container portfolio. This has now called on a speculative buyer who wants to lure unsettled investors with a strange offer.
Options for P&R investors: Interview with investment lawyer Wolfgang Schirp, 14. November 2019 | Read more
“Investment check: Mr. Schirp, let’s start with the lawsuit against the auditor Werner Wagner-Gruber. For years he audited the balance sheets of the now insolvent German P&R companies. In addition, he has been drawing up a kind of performance report for years, according to which P&R has been has always made all payments on time and in full. Where do you see his failures? ”
Purchase offer to thousands of those affected: US investor hunts for bargains in the P & amp; R scandal, 14. November 2019 | Read more
A special kind of bargain hunt: The US investment company York Capital has identified the mega-investment scandal surrounding the Munich-based container investment company P&R as a return opportunity and is making an offer to affected P&R victims to take over their claims.
Attorney Dr. Wolfgang Schirp in an interview on negative interest rates, 3. Oktober 2019 | Read more (Paid-Content)
Negative interest? This is not accepted by our legal system.
Attorney Dr. Wolfgang Schirp in an interview on the subject of “Negative interest rates are a hidden tax – and therefore illegal”, 2. Oktober 2019 | Read more
Germany’s banks and increasingly also savers are groaning under the negative interest rates. The Hamburg lawyer Kai-Oliver Knops says that they are illegal and have to be challenged in court. There are billions of Euros involved.
Prof. Dr. Kai-Oliver Knops presents legal opinions on the subject of negative ECB interest rates are unlawful. 1. Oktober 2019 | Read more
The expert estimates that the ECB has collected a good 40 billion euros – around 7.5 billion euros per year – in negative interest from the commercial banks since 2014. “The institutes could now reclaim these amounts,” explains Knops in an interview with DW, “because there is no adequate legal basis for the survey.”
Attorney Dr. Wolfgang Schirp and Prof. Dr. Kai-Oliver Knops on negative ECB interest rates, 01. Oktober 2019 | Read more
The Hamburg professor for banking and capital markets law, Kai-Oliver Knops, considers the negative interest rates for banks levied by the European Central Bank (ECB) since 2014 to be illegal. “The Governing Council was not formally or materially empowered to adopt them. There is a lack of sufficient justification and parliamentary participation for such far-reaching measures, ”says an expert report that Knops presented in Berlin on Tuesday.
Welt am Sonntag,
Dr. Wolfgang Schirp and Prof. Dr. Kai-Oliver Knops in the world on Sunday, 29. September 2019
„Negative interest rates are unlawful.“
Attorney Schirp about POC Oikos, 37/2019, page 2
“Prospectus and addendum no. 1 should not have been used like this”, says the judgment, which naturally satisfies the investor’s legal representative: “I think we are the only ones who have won through two instances against POC so far”, says attorney Dr. Wolfgang Schirp.
Attorney Schirp about P&R, 16. August 2019 | Read more (Paid-Content)
The Berlin investor lawyer Wolfgang Schirp does not believe in a product ban. “In times of permanently low interest rates, there is room for alternative forms of investment – they just have to be designed seriously,” says Schirp.
Attorney Schirp about P&R, 09. Juli 2019 | Read more
“The German legislator has tried to rule out official liability claims against BaFin. He has specifically anchored a corresponding standard in the Service Supervision Act. And we believe, however, that this complete exclusion of the responsibility of an authority violates European law and have therefore applied for the dispute to be submitted to the European Court of Justice.“
Handelsblatt about ThomasLlyod, 08. Juli 2019 | Read more (Paid-Content)
“What Thomas-Lloyd does with investors is a scandal,” says Susanne Schmidt-Morsbach from the law firm Schirp & amp; Partner in Berlin. “My client has been pressured with misleading information. The shares would practically not be tradable.”
Legal Tribune Online about P&R, 27. Oktober 2018 | Read more
After insolvency administrator Michael Jaffé had to tell the creditors of container sales P & amp; R that the bankruptcy estate is currently almost zero, investors are examining liability claims against banks and financial advisors, reports Robert Peres.
Handelsblatt on Scope, 09. Oktober 2018 | Read more (Paid-Content)
“Dream grades to the point of failure – Scope rating agency compensates small investors for too good a rating”
Frankfurter Allgemeine Zeitung about P&R Container, 12. September 2018 Nr. 212 S.23 | Read more (Paid-Content)
“Selling shipping containers that didn’t exist is costing investors billions. Politicians are now calling for regulatory consequences.”
Lawyer Dr. Susanne Schmidt-Morsbach on German Pellets, 2. Juli 2018 Heft Nr. 45 S.2 | Read more (PDF)
“According to the insolvency administrator’s investigations, material bankruptcy maturity already occurred well before the insolvency application was filed in February 2016.”
Attorney Susanne Schmidt-Morsbach on the subject of Scope, 13 Juli 2018 S.35 |
Read more (Paid-Content)
“The law firm Schirp & amp; The partner of the complaining couple essentially accuses Scope of using wrong standards. The original A rating was based on the alleged full collateralisation of the bond by the value of the ship. This was estimated at just under 77 million euros. However, the ship was only insured for just under 43 million euros.”
Attorney Schirp on P&R, 14. Juni 2018 | Read more
“The speakers all agreed that BaFin stayed far too out of the way in this case. Attorney Dr. Schirp therefore also wants to sue BaFin via the ECJ within the next three weeks. To what extent this lawsuit will be enforceable cannot yet be answered, according to the attending lawyers.”
FAZ RA Schirp about P&R, 12. Juni 2018 | Read more (Paid-Content)
“Lawyers prepare lawsuits for official liability claims against Bafin.”
Fonds Online RA Schirp about P&R, 12. Juni 2018 | Read more
P&R bankruptcy puts Bafin in a mess. The collapse of the P&R Group is one of the biggest investor disasters in Germany. From the perspective of federal politics, the matter remains a private matter.
KMI attorney Breier-Struss on the topic of Publity, 20/2018 Seite 2
“Some of publity AG’s bondholders have canceled their bonds. If the terminations are effective – which seems entirely plausible – publity AG would now be obliged to pay these bondholders the full nominal amount of their bonds.”
Handelsblatt Attorney Schirp speaks about P&R, 11. Juni 2018
“Even the lawyer Wolfgang Schirp, who specializes in capital market investments, is not convinced by the Ministry of Finance’s answer: In my opinion, the Bafin has failed completely.”
Handelsblatt about P&R, 22. Mai 2018
“At P & amp; R there was unfortunately no real monitoring until 2016 by law. For a long time, direct investment providers did not even have to submit a prospectus or issue warnings. In this way, P&R was able to operate for decades without an authority having to deal with the business model in more detail.”
Handelsblatt about Scholz, 22. Mai 2018
“Sympatex attracted private savers with an interest rate of eight percent. Now the manufacturer of all-weather clothing is paying its bondholders cheap, the Otto family is new to the game.”
Handelsblatt zu Scholz, 21. Mai 2018 | Read more (Paid-Content)
All-weather clothing manufacturer Sympatex leaves its investors out in the rain.
Handelsblatt RA Schirp about P&R, 18. bis 21. Mai 2018
“Sein Berliner Kollege Wolfgang Schirp glaubt, dem Gros der Anleger bleibe nur, auf die Insolvenzquote zu hoffen und Schadensersatzansprüche zu verfolgen.”
Handelsblatt zu P&R, 17. Mai 2018 | Read more (Paiid-Content)
“Container shrinkage at P&R leaves investors stunned”
Handelsblatt RA Schirp about P&R, 17. Mai 2018 | Read more (Paid-Content)
“The scandal surrounding the bankrupt P & amp; R-Gruppe, the largest provider of direct investments in containers, is expanding dramatically. As announced by the insolvency administrator of the Munich sales group, P & amp; R 1.6 million containers sold to investors. But there are only 600,000 containers.”
Initiative of minority shareholders, 09. Mai 2018
“In order to prevent corporate manipulation and fraud in the future, Germany needs much sharper swords when it comes to legal consequences. In the opinion of the founders of our new association, this necessarily includes real class actions as well as corporate criminal law, ”explains Dr. Wolfgang Schirp, one of the founders of the BAV e.V.i.G.”
Cash.Online about P&R, 02. Mai 2018 | Read more
“The debacle surrounding the container supplier P&R continues to make waves. After filing for bankruptcy for two more P&R companies last week, law firm Dr. Schirp & amp; Partner from Berlin now serious allegations against the financial supervisory authority BaFin.”
Frankfurter Allgemeine Zeitung about Hamburg Trust, 19. April 2018
“Hamburg Trust is avoiding the arbitration proceedings before the ombudsman, which investors have called about loss of assets – whether is rightly disputed.”
Dr. Wolfgang Schirp in an interview with Investmentcheck.de on the subject of P&R, 03. Mai 2018 | Read more
“The failure of BaFin in the P&R case is obvious. 400 million euros of investor capital were collected in 2017 with sales prospectuses, which BaFin should not have permitted in this way. This opinion is now also represented by the lawyer Dr. Wolfgang Schirp from Berlin. He is therefore already examining liability claims against the supervisory authority for some investors.”
Handelsblatt about Deutsche Bank, 02. Februar 2018 | Read more (Paid-Content)
“The process of taking over Postbank is entering the next round”
Kmi about Hamburg Trust, 01/18 (page 2) | Read more (Paid-Content)
“More than a third of all fund shareholders have filed claims for damages or pending arbitration proceedings against Hamburg Trust that prevent the statute of limitations.”
Steel Business Briefing on the topic of Scholz, 09. Januar 2018 | Read more
“German scrap merchant Scholz has been accused of making false declarations over a previous bond sale, as well as the company’s financial state, by around 140 bondholders who brought a class action lawsuit against the recycler.”
Handelsblatt about Deutsche Bank, 04. Januar 2018 | Read more (Paid-Content)
“His professional colleagues Jan Bayer and Antje Radkte-Rieger have filed lawsuits worth 30 million euros and 50 million euros, respectively.”
Handelsblatt about Deutsche Bank, 03. Januar 2018 | Read more (Paid-Content)
“Further lawsuits from previous shareholders against Deutsche Bank”
Schwäbische Post about Scholz, 29. Dezember 2017 | Read more
“Schirp, whose clients had invested around five million euros according to information in this newspaper, accuses the defendants of not having used the money as announced for the restructuring, but to compensate for losses from a failed Australian business.”
Gomopa about Scholz, 17. Dezember 2017 | Read more (Paid-Content)
“Dr. Schirp accuses the Scholz team of deliberately providing false information about the use of the loan funds and about the true condition of the company in the 287-page issue prospectus from 2012 and in the 8-page advertising flyer.”
Bergedorfer Zeitung about Smart Solutions, 11. Dezember 2017 | Read more (Paid-Content)
“According to this concept, the bondholders only receive a one-off settlement of ten percent; In return, they should waive all repayment and interest claims, but above all their security interests in the Sympatex brand, which is well established in the market.”
SWR, 28. Dezember 2017
“Around 150 investors are suing the Essingen scrap recycling company Scholz Holding GmbH and the former owner family Scholz. It is about investment fraud and a lot of money.”
Schwäbische, 28. Dezember 2017 | Read more
“Lawsuit against Berndt-Ulrich and Oliver Scholz: Investors are demanding almost seven million euros from the former bosses of the Essingen scrap recycling company Scholz. 145 investors accuse father and son Scholz, among other things, of fraud and investment fraud in the issue of the Scholz bond.”
Handelsblatt, 08. November 2017 | Read more (Paid-Content)
Are Postbank investors entitled to additional payments after the takeover by Deutsche Bank? Lawyer Antje Radtke-Rieger advises all shareholders who accepted the takeover offer in 2010 to take legal action.
SWR, 07. November 2017
Retirement provision on the brink: life insurance as retirement provision has faltered in the current phase of low interest rates. Does it make sense to terminate existing contracts? We clarify the most important questions.
N-TV, 20. Oktober 2017 | Read more
Deutsche Bank should make additional payments: Postbank takeover will probably be more expensive. “Cologne district court grants former Postbank shareholders a right to additional payment.
Welt, 20. Oktober 2017 | Read more
Expensive takeover: Postbank ruling creates new risk at Deutsche Bank. The Postbank takeover could be expensive for Deutsche Bank.
Bloomberg, 20. Oktober 2017 | Read more (Paid-Content)
Postbank Investors May Get Windfall After Deutsche Bank Loss. Cologne court rules 14 investors get 48 million euros combined. Former Postbank shareholders could still sue, but face an end of the year deadline to preserve their claims because of time limitations.
Der Aktionär, 20. Oktober 2017 | Read more
Despite new billion-dollar risks: Postbank ruling leaves Deutsche Bank investors cold. Deutsche Bank is threatened with additional payments in the billions.
Handelsblatt, 20. Oktober 2017 | Read more
Deutsche Bank: Postbank takeover could have costly consequences. The Cologne Regional Court confirmed the legality of the lawsuit and ordered Deutsche Bank to pay the difference. The claims expire on December 31, 2017, so former Postbank shareholders should act quickly.
SPIEGEL ONLINE, 20. Oktober 2017 | Read more
“Takeover by Deutsche Bank: Postbank shareholders can hope for a second” According to this, the takeover of Postbank AG could be more expensive for Deutsche Bank in retrospect than originally planned.
Aktiencheck, 20. Oktober 2017 | Read more
Deutsche Bank: Cologne Regional Court grants former Postbank shareholders claims for additional payments.
Frankfurter Allgemeine Zeitung, 9. Juni 2017 | Read more
“Bad bonds: default is not always a loss for the tax authorities” A haircut means high losses for investors. Just not for tax purposes. But not always. Even tax lawyers struggle to understand the tax authorities.
BILD, 26. Mai 2017 | Read more
“New billion-dollar trouble for Deutsche Bank: Postbank shareholders can sue now” The takeover of Postbank could cost the bank another billion euros. Because former Postbank shareholders are suing Deutsche Bank for an additional payment on the takeover offer from 2010.
Frankfurter Allgemeine Zeitung, 9. Mai 2017 | Read more
“Shipping company in distress: decision on Rickmers’ future is approaching” The shipping company Rickmers is in a difficult position. The bondholders should waive. Not everyone feels that they are being treated fairly.
Handelsblatt, 4. Mai 2017 | Read more (Paid-Content)
“Scholz AG medium-sized bonds: criminal charges against scrap professionals” Scholz AG bondholders have lost a large part of their money. Now the Stuttgart public prosecutor’s office is investigating suspected investment fraud against the scrap recycler.
Die WELT am Sonntag, 16. April 2017 | Read more (Paid-Content)
“He does exist – the German shareholder” Portrait of a small shareholder, including a statement from lawyer Antje Radtke-Rieger on the defraudation of Postbank shareholders when Deutsche Bank took over Postbank.
DIU Report, 31. März 2017 | Read more (PDF)
“Scholz Holding – Criminal complaint filed” and “Former shareholders of Deutsche Postbank AG are suing Deutsche Bank AG – Deutsche Bank faces wave of lawsuits of up to EUR 1.6 billion”
DIU Report, 27. Februar 2017 | Read more (PDF)
“German Pellets GmbH: Claims against Leibold & amp; Co.?” Interview with Dr. Susanne Schmidt-Morsbach
BILD Deutschland, 21. Februar 2017 | Read more
“Life Insurance – Withdrawal Can Bring You Thousands of Euros”
Der Spiegel, 18. Februar 2017 | Read more (Paid-Content)
Expensive subsidiary – Deutsche Bank is threatened with billions in claims for the takeover of Postbank.
GoMoPa, 17. Februar 2017
“Revoke life insurance instead of canceling” – those who cancel give away money
kapital-markt intern, 3. Februar 2017
Hamburg Trust: Chaos Management is in the vortex of justice
GoMoPa, 12. Januar 2017
Scope Ratings AG: Complacency report for ZDF dream ship bond?
Handelsblatt, 9. Januar 2017 | Read more (Paid-Content)
Scope boss Torsten Hinrichs – low blow for the rating challenger
Handelsblatt zu René Lezard, 10. November 2016 | Read more (Paid-Content)
Mini-Bonds by René Lezard – a curious investor’s decision
INDat Report, 5. Oktober 2016 | Read more
Extend antennas for online firestorms – digital waves of outrage during restructuring and bankruptcy
Handelsblatt about German Pellets, 05. Juli 2016 | Read more (Paid-Content)
German pellets – ashes to ashes
INDat Report, 29. Juni 2016 | Read more (Paid-Content)
‘Austrian expropriation number’ of the Scholz bond creditors – In conversation with attorney Dr. Wolfgang Schirp (Schirp & amp; Partner)
manager magazin, 24. Juni 2016 | Read more (Paid-Content)
Attack from America – Deutsche Bank – US star lawyer Michael Hausfeld is involved in Postbank lawsuits
manager magazin Online, 24. Juni 2016 | Read more
VW-Schreck cooperates with Berlin law firm – US attorney Hausfeld supports lawsuit against Deutsche Bank
INDat Report, 10. März 2016 | Read more
Against cultivating subtle fears of administrators – In conversation with the board of the Association of Common Representatives
spiegel Online, 18. November 2015 | Read more
Lending dispute – Postbank shareholders sue Deutsche Bank
Das Investment, 24. Juli 2015 | Read more
The rating agency is sued for top marks for Infinus mother Future Business
Versicherungsbote, 23. Juli 2015 | Read more
Investment fraud – Infinus scandal: First lawsuit filed against rating agency
Frankfurter Allgemeine Zeitung, 20. Februar 2015 | Read more
New trouble for Deutsche Bank – Did Deutsche Bank play unfairly when it took over Postbank?
n-tv, 18. Oktober 2014 | Read more
A wave of bankruptcies awaits us – business with corporate bonds is risky.
FONDS professionell ONLINE, 14. Mai 2014 | Read more
Federal Court of Justice tightened revocation instructions for capital investments.
Wirtschaftswoche, 5. September 2012 | Read more
Ship Fund – The old-age pension is being scrapped.
welt Online, 2. April 2012 | Read more
Real estate funds: injured investors win against Commerzbank.
manager magazin Online, 25. Januar 2012 | Read more
Fund initiator against former board member – dispute over Wölbern’s million dollar pool is coming to a head.
manager magazin, 1. September 2011 | Read more
Exchange rate trap – Swiss franc loans cost investors millions.
Wirtschaftswoche Online, 10. Februar 2011 | Read more
Bank advice – what the new investor protection is good for.
inFranken.de, 29. Dezember 2010 | Read more
Media funds – investors deliver 1100 lawsuits with vice.
Die Welt, 28. Oktober 2010 | Read more
“Fund investors have little chance of getting compensation”
Handelsblatt Online, 10. August 2010 | Read more (Paid-Content)
“Unexpected Tax Benefits: Hope for Film Fund Investors”
Press Review Archive
Older articles from the SCHIRP & PARTNER Press Review can be found in our Press Review Archive.
Jetzt ist nach MCE 09, MCE 04 und MCE 05 mit dem MCE 02 der vierte Fonds der Fondsgruppe, die aus insgesamt acht Fonds (MCE 01, 02, 04, 05, 07, 08, 09 und 10) besteht, mit Ausschüttungsrückforderungen an der Reihe. Insolvenzverwalter der Fonds sind Rechtsanwälte der Kanzlei Görg. Erstmals hat aber nicht der Insolvenzverwalter selbst […]
Lesen Sie die Abstimmungsempfehlungen des Aktionsbundes Aktiver Anlegerschutz e.V. zu den Beschlussanträgen der Geschäftsführung und nehmen Sie bitte an der Versammlung persönlich teil, oder lassen Ihre Interessen durch den AAA vertreten. Quelle: Aktionsbund
Am 2. Juli hatten wir an dieser Stelle ausführlich über die aktuell laufende Beschlussfassung berichtet. Außerdem haben wir allen uns bekannten Anlegern persönlich empfohlen, die Beschlüsse abzulehnen. Ob aus diesem Grund oder aus anderen Gründen: Edmund Kockartz und Klaus Christochowitz haben bei allen Fonds (wie es aussieht nur nicht beim POC 1) die Beschlussfristen verlängert […]
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In den POC-Fonds (POC steht für Proven Oil Canada) haben Anfang 2017 zwei Anleger (Klaus Christochowitz und Thomas Ruf) und ein Vertriebler (Edmund Kockartz) in Zusammenarbeit mit dem Insolvenzverwalter der kanadischen Beteiligungsgesellschaft die ehemalige Geschäftsführerin Monika Galba gestürzt und einen sog. Restart in Angriff genommen, nachdem die Fondsanleger aufgrund der Insolvenz ihrer kanadischen Beteiligungsgesellschaft bereits […]