There is nothing to be gained in Aschheim: Wirecard investors should assert other liability claims.
Image: Frank Röth
At the end of 2023, the claims of Wirecard shareholders will become statute-barred. There are several options for a lawsuit. Those who are undecided should pay attention to the length of the procedure and question their willingness to take risks.
Dhe clock is ticking: According to German law, private and institutional investors who have been harmed have until the end of 2023 to file a lawsuit against the insolvent Wirecard Group, its former top management, supervisory boards or the auditors of EY. Wirecard had to file for bankruptcy on June 25, 2020, and in the weeks that followed, more and more details about the accounting scandal came to light. But what form of conflict resolution is now available? There can be different answers to this question, depending on individual willingness to take risks and patience. Lawyers, investor protection groups and litigation financiers are currently campaigning intensively to attract tens of thousands of undecided people.
Two information in advance: It makes little sense to sue the financial supervisory authority Bafin for damages for price losses suffered. In February 2023, the Frankfurt Higher Regional Court (OLG) denied possible breaches of official duties, and investors will get nothing in more than 400 pending proceedings. Anyone who has registered their claims with Wirecard’s insolvency administrator Michael Jaffé should also take action now. The Munich I Regional Court made it clear in December 2022 that Wirecard shareholders are not creditors: Jaffé would therefore not have to service these claims. A clarification of this dispute by the highest court is not expected before 2024 at the earliest – those who hesitate until then will lose their claims.