Investors have suffered losses in the tens of billions.
(Photo: AP)
Munich The criticism of the Higher Regional Court (OLG) Munich was harsh. In a preliminary notice on Thursday, the 8th Civil Senate expressed doubts about the decisions of the Regional Court (LG) in the Wirecard case. The LG Munich lacks “own expertise” to assess the allegations against the auditing company EY in the accounting scandal.
The Munich regional court had previously dismissed claims for compensation by Wirecard investors against EY without taking any further evidence. The fact that the OLG now doubts this approach should give cheated shareholders hope – and increase their chances of successful lawsuits against the auditors.
EY had audited the Wirecard balance sheets for ten years without discovering any years of fraud in the company. It was only in June 2020 that it turned out that the then Dax group was missing 1.9 billion euros. Shortly thereafter, Wirecard filed for bankruptcy. In its preliminary notice, the OLG now recommended opening a test case against EY.
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