Court Blocks Investor Claims Against EY in Wirecard Case
Bavarian court rules EY auditors cannot be held liable in class action, prolonging legal battles for thousands of investors.
- The Bavarian Supreme Court ruled that claims against EY auditors are not admissible under the old Capital Investor Model Proceedings Act (KapMuG).
- This decision significantly weakens the class action by Wirecard investors, as EY was seen as the most solvent defendant.
- The court argued that EY's audit certifications were not direct public market information, placing responsibility for their publication on Wirecard itself.
- Investor representatives criticized the ruling as erroneous and plan to appeal to the Federal Court of Justice, which could take years.
- The ongoing legal process leaves nearly 8,700 individual investor claims frozen, with no clear resolution in sight.
Sächsische Zeitung 
Der Tagesspiegel 
Die Rheinpfalz 
Frankfurter Allgemeine Zeitung 
Stern 