Wirecard Damages

Claim filing and lawsuit against Ernst & Young

Anyone who has purchased financial products from Wirecard AG can assert claims for damages and minimise losses.

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Important developments in brief

18 June 2020:
  • The auditor Ernst and Young GmbH (Ernst & Young) admits that the audit of Wirecard AG's financial statements did not provide sufficient audit evidence for the existence of approximately 1.9 billion euros. It turned out that the balance sheets had been manipulated.
  • The disclosure of the discrepancies subsequently causes Wirecard shares to crash, resulting in a loss of around 99%. Numerous Wirecard investors suffer considerable losses.
  • The public prosecutor's office initiated an investigation into the matter.
25 June 2020:
  • Wirecard AG files for insolvency.
25 August 2020:
09 December 2021:
  • The Munich Higher Regional Court (OLG) refers a claim against Ernst & Young back to the Munich I Regional Court, as Ernst & Young's misconduct should have been examined in detail. The OLG Munich is of the opinion that claims for damages against Ernst & Young are more than possible.

18 June 2020:

  • The auditor Ernst and Young GmbH (Ernst & Young) admits that the audit of Wirecard AG's financial statements did not provide sufficient audit evidence for the existence of approximately 1.9 billion euros. It turned out that the balance sheets had been manipulated.
  • The disclosure of the discrepancies subsequently causes Wirecard shares to crash, resulting in a loss of around 99%. Numerous Wirecard investors suffer considerable losses.
  • The public prosecutor's office initiated an investigation into the matter.

25 June 2020:

  • Wirecard AG files for insolvency.

25 August 2020:

09 December 2021:

  • The Munich Higher Regional Court (OLG) refers a claim against Ernst & Young back to the Munich I Regional Court, as Ernst & Young's misconduct should have been examined in detail. The OLG Munich is of the opinion that claims for damages against Ernst & Young are more than possible.

Find out about your options for action

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During our no-obligation initial assessment, we answer all your questions and review your options for action.
RT & Partner | Wirecard Damages Law Firm Munich

What legal options do you have as a shareholder and bondholder?

On 25 August 2020, insolvency proceedings were opened against the assets of Wirecard AG. In the insolvency proceedings, the insolvency administrator has so far been busy processing the claims applications. The continuation of the first audit date is planned for April 2022.

It is still possible to file a claim without any problems, as the filing deadline set for 26.10.2020 is not a cut-off deadline.

It can be assumed that there will be an insolvency estate that will be distributed among the Wirecard aggrieved parties. Against this background, it makes sense in many cases to at least register one's claims with the insolvency administrator, currently lawyer Dr. Jaffé.

The application must be substantiated in any case and it can be assumed that a large number of applications already made did not comply with this requirement.

A legally secure filing of a claim can be made directly via RT & Partner. Expert substantiation can prevent the claim from being rejected by the insolvency administrator and secure your claims from the Wirecard AG insolvency proceedings.

The possibility of filing a claim exists for bondholders, holders of financial products and also for shareholders.

If your claim was disputed, you are welcome to contact us.

In particular, it is conceivable that damages could be claimed against Ernst & Young. The auditors at Ernst & Young have audited Wirecard AG's annual financial statements since 2012 and have issued unqualified audit opinions for years, although there were indications of anomalies. There is even the possibility of a declaration that Ernst & Young's audit opinions are null and void.

In addition to the auditors, the former members of the Management Board and Supervisory Board of Wirecard AG may also be eligible to file claims for damages. In addition, claims against the Federal Financial Supervisory Authority (BaFin) may also exist in principle.

Wirecard investors still have good prospects for damages - especially through a lawsuit against Ernst & Young!

In December 2021, the 8th Civil Senate of the Munich Higher Regional Court issued a notice stating that, contrary to the opinion of the Regional Court before it, claims for damages against the auditing company EY may very well exist (Case No. 8 U 6063/21). The OLG objected to the fact that the Regional Court had examined claims against the auditor far too superficially and had refrained from obtaining an expert opinion.

The breach of audit duties by EY Audit Duties is also made clear by the long "secret" so-called Wambach Report, which has now been published.

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Step 1

Have claim checked

Step 2

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Enforcement through RT

Step 3

Get money back

Step 1

Have claim checked

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Step 2

Enforcement through RT

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Step 3

Get money back

We help you!

First of all, we assess for you in a non-binding and free personal meeting whether there is a claim for damages in your case in the Wirecard scandal and which options come into consideration for you. If you mandate us, we will take over all further steps for you.

This starts with the legal expenses insurance. Here we make a coverage request for you and clarify whether the legal expenses insurance will cover the costs of proceedings. The enquiry by our law firm with your legal protection insurance is free of charge for you - even if the insurance does not cover the costs. In this rare case, you can decide how to proceed. There is no obligation whatsoever.

We will be happy to register your claim and/or file a lawsuit on your behalf to assert your claims.

At every step of the process, you remain "up to date" and can decide for yourself how to proceed.

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More questions

You do not have to be a lawyer to file a claim. However, if the claim is not substantiated in a comprehensible and plausible manner, there is a risk that it will be contested by the insolvency administrator.

To minimise this risk, it is advisable to consult a lawyer. According to insolvency administrator Dr. Jaffé, many private claims do not meet this requirement.

If the insolvency administrator rejects a claim in whole or in part, you first have the opportunity to substantiate the claim, e.g. by submitting further evidence.

In the event of a final denial of the claim, an action for a declaratory judgment is conceivable.

In both cases, you can play it safe by having a legal advisor file the claim and, if necessary, enforce it in court.

Using both options for action in parallel or one after the other is not mutually exclusive.

Anyone who was or is in possession of Wirecard AG shares, financial products related to Wirecard AG or bonds. If you wish to take action against Ernst & Young, your transactions between July 2012 and 18 June 2020 will be taken into account.

After insolvency proceedings have been opened against the assets of Wirecard AG, it makes sense to file a claim, but it does not make sense to take legal action against the company, because there is "nothing left to get" outside of the insolvency proceedings.

Even if Ernst & Young's liability towards Wirecard AG is limited, this does not apply to its liability in relation to the aggrieved investors.

Yes, the statute of limitations will expire on 31.12.2023. It is worth taking action in good time.