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.