Court Ruling Deals Blow to Wirecard Investors Seeking Damages from EY

Bavarian court rules that claims against EY cannot proceed in the Wirecard group lawsuit, narrowing options for affected shareholders.

The Bavarian Supreme Court ruled that claims against EY cannot be included in the Wirecard investor group lawsuit, citing procedural limitations.
EY had audited Wirecard's financial statements from 2014 to 2018, which were later revealed to include significant inaccuracies leading to the company's collapse in 2020.
The court argued that EY did not directly publish the misleading financial information, placing responsibility on Wirecard's management instead.
Investors can still pursue individual lawsuits against EY, but the group lawsuit's exclusion of EY weakens the collective legal effort.
The decision is expected to be appealed to Germany's Federal Court of Justice, while separate legal proceedings against former Wirecard executives, including Markus Braun, continue.