WIRECARD-​Scandal

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The Mu­nich Re­gional Court has now ini­ti­ated KapMuG pro­ceed­ings (Kapitalanleger-​Musterverfahren) in the Wir­e­card mat­ter. In this type of pro­ceed­ing, all claims against EY for dam­ages in con­nec­tion with the Wir­e­card in­solv­ency are to be bundled. The Bav­arian Su­preme Court has jur­is­dic­tion. On March 13, 2023, the court de­term­ined the model plaintiff.

From now un­til Septem­ber 13, 2023, all those ag­grieved parties who do not cur­rently wish to file a claim them­selves can re­gister their claims for the model pro­ceed­ings and thus sus­pend the run­ning of the stat­ute of lim­it­a­tions. It will then be ne­ces­sary to file an in­di­vidual law­suit after the con­clu­sion of the model proceedings.

Re­gister for model proceedings»

What is our recommendation to you? What decisions need to be made now?

The Mu­nich Re­gional Court has ini­ti­ated the KapMuG pro­ceed­ings (cap­ital in­vestor model pro­ceed­ings) in the Wir­e­card case. All pending law­suits are sus­pen­ded and the plaintiffs are parties to the model pro­ceed­ings. Those who do not file their own law­suit re­gister their claims in the model pro­ceed­ings. Claims will be­come time-​barred on Decem­ber 31, 2023. Act in time.

Why us?

The law firm Schirp und Part­ner has many years of ex­per­i­ence with cap­ital in­vestor model pro­ceed­ings. In ad­di­tion, we have a lot of ex­per­i­ence with large-​scale pro­ceed­ings. In the Wir­e­card case, we already rep­res­ent over 1,000 plaintiffs be­fore the Mu­nich courts, mak­ing us the largest group of plaintiffs for months. We are con­stantly fil­ing ad­di­tional lawsuits.

In ad­di­tion, At­tor­ney Radtke-​Rieger played a key role in re­vis­ing the com­ment­ary on the Cap­ital In­vestor Model Case Act, the stand­ard work on the text of the law. She also wrote the art­icles on the ad­miss­ib­il­ity of the Musterver­fahrensan­trag and on its pub­lic­a­tion. In its ref­er­ence de­cision on the de­cisions of the Mu­nich Re­gional Court, the Mu­nich Higher Re­gional Court it­self quoted Ms. Radtke-​Rieger sev­eral times at key points.

We have also been able to suc­cess­fully handle ma­jor pro­ceed­ings for our cli­ents in the past. In the real es­tate funds of the Bankgesell­schaft Ber­lin (“LBB-​Fonds” and “IBV-​Fonds”) we rep­res­en­ted ap­prox. 8,000 in­vestors. After we were able to de­cide the first pro­ceed­ings in fa­vor of our cli­ents, the State of Ber­lin settled all in­vestors on very good terms. We have thus fully achieved our cli­ents’ objectives.

In the me­dia funds launched by sub­si­di­ar­ies of the Ger­man Landes­banken, we rep­res­en­ted around 4,500 in­vestors. There, too, the Landes­banks settled the in­vestors on very good terms after we were able to de­cide the first pro­ceed­ings in fa­vor of our cli­ents. There, too, we were able to real­ize our cli­ents’ objectives.

Nu­mer­ous other pro­ceed­ings from the ship fund, life in­sur­ance and bond sec­tors can be cited, which do not need to be dis­cussed in more de­tail here. In brief: Our team con­sists of battle-​hardened men and wo­men who are “not afraid of royal thrones” and who are also at work with full de­term­in­a­tion in the Wirecard/​EY matter.

Due to our ex­per­i­ence and ex­pert­ise, our law­yers are also re­peatedly in de­mand as ex­perts in the me­dia and at events. For ex­ample, Dr. Schirp spoke at an event on the topic: “How is the Wir­e­card scan­dal chan­ging the audit­ing system?”.

KapMuG and Wirecard

The or­der for ref­er­ence, which ini­ti­ates the KapMuG pro­ceed­ings, is not only dir­ec­ted at de­clar­at­ory tar­gets against EY, but also against WIR­E­CARD AG and its re­spons­ible per­sons, in­clud­ing Markus Braun. Spe­cific­ally, WIR­E­CARD AG is ac­cused of a breach of pub­li­city ob­lig­a­tions, in which EY is al­leged to have been guilty of aid­ing and abet­ting. The test case is to de­cide on the fol­low­ing facts:

• In­cor­rect­ness of the an­nual re­ports of WIR­E­CARD AG
• WIR­E­CARD AG was aware by 2015 at the latest that the trust ac­counts did not show the pub­lished bank balances
• Markus Braun, as a mem­ber of the board of dir­ect­ors, in­cor­rectly rep­res­en­ted or con­cealed the fin­an­cial cir­cum­stances of the company
• By pub­lish­ing false an­nual re­ports, both WIR­E­CARD AG and Markus Braun ac­ted immorally
• EY’s li­ab­il­ity for dam­ages, esp. cla­ri­fic­a­tion of in­tent with re­gard to aid­ing and abet­ting the breach of WIR­E­CARD AG’s pub­li­city obligations
• The price dif­fer­ence dam­age is com­pens­able without con­crete proof of causality

The ques­tion of whether EY has com­mit­ted its own breach of duty arising from in­ten­tional im­moral dam­age is un­for­tu­nately not the sub­ject of the test case and, in our opin­ion, not eli­gible for KapMuG.