Does it make sense to register with the DSW’s “Stichting Wirecard Investors Claim” foundation?
The DSW (Deutsche Schutzvereinigung für Wertpapierbesitz e.V.) together with the law firms Nieding + Barth (Frankfurt am Main) and AKD Benelux Lawyers (Amsterdam), which specialize in capital market law, has established the “Stichting Wirecard Investors Claim” foundation, which is based in Amsterdam and aims to achieve compensation for Wirecard investors within the EU. The goal behind it: To reach a settlement not only with EY Germany, but also with EY Global.
Under Dutch law, claims can be brought dirextly against the parent company in addition to the company concerned, so action against EY Global is possible here. Ultimately, it is the Dutch foundation that sues, and all others join the action free of charge, similar to a US-style class action. The bar of proof does not seem to hang quite as high in the Netherlands as in Germany, so the chances of success seem to be better and the duration of proceedings usually shorter.
However, in our opinion, the claims situation against EY Global is lacking. The question of on what legal basis claims can be litigated remains open here. In addition, no breach of dury is aparent with regard to EY Global. Furthermore, it is questionable whether Global had a duty to monitor or supervise (at least under German law).
In addition, it cannot be assumed that EY should now abandon its “hard line” – namely to strictly reject all settlement payments to date.
We therefore consider this option to make little sense and continue to recommend taking legal action against EY Germany. If the settlement options fail, the only remaining option is to file a lawsuit against EY Germany before the statue of limitations expires on December 31, 2023.