Finances - Wirecard test case pushes court to its limits
The claims for damages filed by former Wirecard shareholders are becoming a burden for the Bavarian judiciary. A spokeswoman for the Bavarian Supreme Court told the business magazine "Capital" that more than 8,000 applications for the model case have already been registered. Several thousand applications are pending. These proceedings are "unprecedented in terms of size and complexity" and cannot be handled by the current court staff. Additional judges and staff will be needed.
The payment service provider Wirecard, which is listed on the leading DAX index, collapsed in 2020 after 1.9 billion euros allegedly held in escrow accounts could not be found. Former CEO Markus Braun, who has been charged with fraud, is standing trial in Munich. The test case before the civil court is intended to clarify key issues and, with its verdict, set the guideline for further proceedings. The defendants include former Wirecard managers and the auditing firm EY, which had audited the balance sheets for years.
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The burden of handling over 8,000 damage claims from former Wirecard shareholders has strained the resources of Bavarian banks. This unparalleled legal process, taking place in Munich, Germany, necessitates the recruitment of additional judges and court personnel. The Justice system in Bavaria is being challenged as the test case proceeds against Wirecard's former CEO, Markus Braun, and other defendants, including former managers and auditing firm EY. The outcome of this trial is expected to establish a precedent for future related financial processes. The Bavarian Supreme Regional Court has described the case as "unprecedented in terms of size and complexity."
Source: www.stern.de
