WIRECARD: MUNICH REGIONAL COURT INITIATES MODEL PROCEEDINGS
The decision of the Munich I Regional Court was published in the Federal Gazette on March 16, 2022.
Since 1994 already we are specialized in legal advice of capital investors and had great achievements throughout. We advise competent, experienced and on a par with investors to target-orientedly enforce their claims. We advise private investors as well as institutional investors. In doing so, we feel the responsibility to work for the establishment of a spotless and transparent capital market.
Stockholders and capital investors who have been harmed by false or poor information or by incorrect prospectuses have the chance to enforce their rights within model proceedings to obtain compensation. This is regulated by the German Act on Exemplary Proceedings in Capital Market Disputes (“Kapitalanleger-Musterverfahren“, or „KapMuG“) which is effective since 2005. It is applicable to all cases where investors have sustained damages with capital investments because of incorrect, misleading or not provided information.
In model proceedings the Higher Regional Court in charge decides regarding questions of central importance. It is particular, that the regular trial courts are bound by these decisions. That bares crucial advantages.
Among the first ten model proceedings that were filed after the Act on Exemplary Proceedings in Capital Market Disputes had become effective in 2005, six have been litigated by Schirp & Partner. Furthermore, the first positive decision in a model proceeding in favor of the capital investors – approved by the BGH – was won by us as well.
Before coming into effect of the KapMuG, German civil procedure law did not allow for model proceedings. Even in disputes with, to some extent, many thousand concerned, each party had to file their claim separately. The mere facilities granted were, that courts could combine those cases for joint decision and hearing.
Since 2005 capital investors benefit from the fact that Higher Regional Courts are now able to decide on central questions with universally validation. The resulting model decisions are binding for all those involved and also apply to plaintiffs who did not take part in the model proceeding itself.
Still prevails, that everyone harmed has to, according to claims amount and kind, file an individual suit before municipal or regional court. Only afterwards it is possible, with suitable cases, to file for a so-called petition for determination in a model proceeding to have central questions decided upon by the Higher Regional Court. To make a model proceeding licit, within a time span of four months at least ten plaintiffs have to file for such a petition for determination in a model proceeding. Costs for these proceedings are borne by all plaintiffs together. The original proceedings are suspended until it is decided upon the model proceeding.
The possibility of model proceedings is a crucial improvement for the chances of investors’ actions. Because cost risk is distributed among all plaintiffs and because the model proceeding is held centrally, bringing of proof for defaults and mistakes of the sued companies before court is simplified. By this the probability that claims for damages fail is lowered. Additionally, it gets easier to order costly expertise due to conjoint financing.
The decision of the Munich I Regional Court was published in the Federal Gazette on March 16, 2022.
This has now been confirmed by the public prosecutor’s office in a press release.
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