Auditing - Wirecard balance sheet auditor sued for damages
The Deutsche Schutzvereinigung für Wertpapierbesitz(DSW) has filed a claim for damages against the auditor EY on behalf of more than 13,000 Wirecard investors. The lawsuit, which is 80,000 pages long with attachments, has been filed with the Munich Regional Court, DSW announced in Düsseldorf. Institutional and private investors are demanding more than 700 million euros from EY. The costs of the lawsuit would be borne by British litigation financiers, who would receive part of the money claimed in the event of success.
The payment service provider Wirecard, which was listed on the DAX at the time, collapsed in 2020 after 1.9 billion euros allegedly held in escrow accounts could not be traced. A test case brought by aggrieved shareholders before the Bavarian Supreme Court is intended to clarify key issues and, with its ruling, provide guidance for further proceedings. The defendants include former Wirecard managers and the auditing firm EY, which had audited the balance sheets for years. Former CEO Markus Braun, who is accused of fraud, has been on trial in Munich for a year.
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Source: www.stern.de
