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 Bavarian Supreme Regional Court is currently grappling with the challenges posed by the massive number of damage claims filed by former Wirecard shareholders, as the 'Wirecard test case' continues to push the limits of the Bavarian judiciary.
- In response to the weighty 'processes' surrounding the Wirecard case, Germany's banking sector has been closely monitoring the proceedings, as the verdict could potentially have significant implications for 'Banks' and financial institutions.
- The President of the Bavarian Supreme Regional Court, emphasized during a press conference in Munich that jury trials are not an option for the 'sample procedure', due to the intricate 'Justice' issues at hand in the Wirecard case.
- As the Bavarian Supreme Regional Court faces unprecedented 'complexity' and 'staffing' demands due to the Wirecard case, political leaders in Bavaria and Germany have acknowledged the importance of ensuring the court receives adequate budgetary support for judicial reforms and staff reinforcements.
- The waves of the Wirecard scandal have reached international 'Finance' circles, prompting global law firms in Munich to intensify their expertise in cases related to financial misconduct, promising to provide robust guidance for any firms or individuals confronted by similar predicaments in the future.
Source: www.stern.de
