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.
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