BREAKING NEWS AT WIRECARD AND EY: FIRST RULING BY OLG MUNICH

There is good news for the plaintiffs in the pro­ceed­ings against EY in con­nec­tion with the Wir­e­card scan­dal. For ex­ample, the Mu­nich Higher Re­gional Court is­sued a 17-​page de­cision that con­tains sev­eral pieces of good news. For ex­ample, the 8th Civil Sen­ate was crit­ical of de­cisions made by the Mu­nich Re­gional Court in these cases. It said the LG did not have suf­fi­cient “ex­pert­ise of its own” to be able to ad­equately as­sess the al­leg­a­tions against the auditors.

In the opin­ion of the Higher Re­gional Court, the judges of the lower court should have ex­amined more closely whether EY ac­ted in a de­lib­er­ately im­moral man­ner, also writes the “Han­dels­blatt”. An ex­pert opin­ion – as re­ques­ted by our law firm months ago – should now be obtained.

The OLG also com­men­ted on the “prob­lem of caus­al­ity”. So far, the Re­gional Court blocked the plaintiffs with ex­ag­ger­ated caus­al­ity tests; the OLG now says: “If EY had du­ti­fully tested, the fraud at Wir­e­card would have been un­covered much earlier and Wir­e­card would have had to file for in­solv­ency. In this situ­ation, life ex­per­i­ence sug­gests that the plaintiffs would then no longer have bought Wir­e­card shares. In that case, the plaintiffs would not have suffered any dam­age either. Thus, caus­al­ity is un­prob­lem­at­ic­ally given, and the law­suits can­not fail on this issue.

You will find fur­ther in­form­a­tion here.

The spe­cial­ist law­yers of our law firm Schirp & Part­ner in Ber­lin have ex­tens­ive ex­pert­ise in bank­ing and cap­ital mar­ket law due to many years of prac­tice for more than 25 years.