Wouldn’t the BaFin or the FREP also come into question as suitable claimants for damages actions?

Yes, how­ever, a law­suit against the Ger­man Fed­eral Fin­an­cial Su­per­vis­ory Au­thor­ity (Bafin) and/​or the Ger­man Fin­an­cial Re­port­ing En­force­ment Panel (FREP/DPR) is the leg­ally less cer­tain way than a law­suit against EY.

How­ever, a law­suit against BaFin/​DPR is re­com­men­ded for all in­jured parties who do not wish to take ac­tion against EY for eco­nomic or per­sonal reas­ons (e.g. be­cause the legal ex­penses in­sur­ance ex­cludes the entry in cases of cap­ital in­vest­ments but at the same time cov­ers state li­ab­il­ity, or be­cause the in­jured party is him­self an em­ployee of EY).

Please note that in any event it would be ne­ces­sary to file two sep­ar­ate ac­tions, as they are based on dif­fer­ent bases of claim and the re­spect­ive jur­is­dic­tions are not identical.