DThe Frankfurt Higher Regional Court has also denied a claim for damages from former Wirecard investors against the financial supervisory authority Bafin in the second instance. The Federal Financial Supervisory Authority had not “violated its official duties in controlling the balance sheet,” the Higher Regional Court decided after a notification on Friday.
The plaintiff could therefore not hold the Bafin liable for price losses suffered. The Higher Regional Court decision (Az.: 1 U 173/22) is not yet final and would end up at the Federal Court of Justice (BGH) in the event of a non-admission appeal.
The payment service provider Wirecard, which was listed in the Dax at the time, collapsed in the summer of 2020 after the board of directors admitted that 1.9 billion euros allegedly booked in trust accounts could not be found. The shares smeared. Because the fraudulent transactions had remained undetected for years, the Bafin, among others, was heavily criticized. According to the information, almost 500 proceedings by investors who are demanding damages from the financial supervisory authority are pending at the 1st civil senate of the OLG Frankfurt. In this specific case, it was about 40,000 euros.
According to the court, the plaintiff “did not present any tangible evidence for the assumption” that the Bafin should have commissioned a special audit at Wirecard at an earlier point in time. Ultimately, “it cannot be determined that the plaintiff’s damage would not have occurred if he had intervened earlier (…)”.
A claim for damages due to alleged abuse of office is also ruled out. The fact that Bafin employees owned shares in Wirecard AG was “not immoral”. With the dismissal of the action, the Higher Regional Court confirmed a decision of the Frankfurt Regional Court.