How high is EY’s liability?

EY has lim­ited its li­ab­il­ity to its con­tract­ors for their re­spect­ive activ­it­ies there. How­ever, this does not af­fect the li­ab­il­ity in the ex­ternal re­la­tion­ship, i.e. it is ir­rel­ev­ant for an ac­tion for dam­ages by the in­vestor due to the is­su­ance of a culp­ably in­cor­rect audit opin­ion for the con­sol­id­ated fin­an­cial state­ments of Wir­e­card AG.

Since we as­sume that the ac­tions were in­ten­tional, it is not to be ex­pec­ted that EY’s in­sur­ance com­pany will have to pay for the dam­age in­curred. How­ever, since EY was able to gen­er­ate over 2 bil­lion euros in sales in Ger­many alone last year and is also part of the in­ter­na­tional EY-​Global group of com­pan­ies, we ex­pect that leg­ally ex­ist­ing claims for dam­ages will also be eco­nom­ic­ally enforceable.