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.
The Munich Regional Court has now initiated KapMuG (Capital Investor Model Proceedings) proceedings 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 is responsible. This court is now to examine whether EY breached its duties when auditing Wirecard’s balance sheets, which could give rise to claims for damages by investors and institutional investors. If you would like to file your claims for model proceedings under the German Capital Investor Model Proceedings Act (Kapitalanleger Musterverfahrensgesetz – KapMuG) without filing your own lawsuit, you can find the required documents and a sample cost calculation here.
It is possible and sensible to file a lawsuit against EY even if KapMuG proceedings have been initiated, as otherwise there is a risk of considerable loss of time. If you would like to have your claims for damages examined free of charge and are also interested in taking legal action against EY, you can find more information here.
On June 25, 2020, WIRECARD AG filed an application for the opening of insolvency proceedings at the competent district court in Munich due to imminent insolvency and over-indebtedness. We believe that it is worthwhile to file your claim in the insolvency proceedings of WIRECARD AG. Further information can be found here.
The capital investor model proceedings according to the so-called Capital Investor Model Proceedings Act (Kapitalanlegermusterverfahrensgesetz, KapMuG) are intended to make it easier for aggrieved investors to assert claims for damages by enabling model proceedings for false, misleading or omitted public capital market information, for example in annual financial statements or stock exchange prospectuses.
The aim is to bundle the claims of aggrieved investors and resolve legal disputes in a single trial. Thus, as long as the model proceedings are ongoing, other lawsuits with the same claim are suspended.
In large proceedings, such as those against Deutsche Telekom, model proceedings can therefore relieve the courts.
In mid-March 2022, the Munich Regional Court initiated the model proceedings in the Wirecard case. In this context, 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 disclosure obligations, in which EY is alleged to have been guilty of aiding and abetting. The test case is to decide on the following facts:
The question of whether EY committed its own breach of duty from intentional immoral damage is unfortunately not the subject of the model proceedings and, in our opinion, not eligible for KapMuG.
It is necessary for every aggrieved party to file a lawsuit themselves, even despite the model procedure, since the court explicitly does not examine whether an investor has a claim, but, as shown, only examines and determines certain general aspects that affect every procedure. All those who file claims to the model proceedings without filing their own lawsuit can thus inhibit the running of the statute of limitations. But the filing of an individual lawsuit is still required after the conclusion of the model procedure. However, anyone who does not file a lawsuit until after the conclusion of the model procedure loses valuable time.
We have also collected the answers to our clients’ most important questions in an FAQ.
The law firm Schirp & Partner has many years of experience with capital investor model proceedings. For example, Attorney Radtke-Rieger was significantly involved in the revision of 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 application for a model procedure 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.
If not already done, investors should continue to consider filing suit for damages against EY, whether at their own expense or covered by legal expenses insurance. If you have not already done so: You too can join the plaintiffs’ association, for more information click HERE.
Any investor who is currently refraining from filing a lawsuit and would like to wait until after the conclusion of the test case should at least file his claims in the test case to prevent the statute of limitations from running. The costs for this are by law a so-called 0.8 attorney fee and a 0.5 court fee. HERE you will find an exemplary calculation and the documents we need from you.
In addition: We are in promising talks with a renowned Anglo-Saxon litigation financier and hope to be able to make a financing offer in the coming weeks to all those investors who cannot bear the necessary costs themselves. In any case, you can already register with us free of charge HERE.
Schirp & Partner Rechtsanwälte mbB
Leipziger Platz 9
10117 Berlin, Germany
Phone: +49 (0)30 – 327 617 0
Fax: +49 (0)30 – 327 617 17
E-Mail: mail@schirp.com
Please take note that we can not answer consultatively here. If you happen to request that anyways, you may give us full power of attorney. For that, simply download this form, sign it and return it to us.
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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