Overview
- Germany's top civil court will decide in case IX ZR 127/24 whether harmed shareholders may file damage claims as ordinary insolvency claims.
- About 50,000 investors have registered roughly €8.5 billion in claims, far exceeding the available insolvency funds of around €650 million.
- The test case is led by Union Investment, which seeks nearly €10 million over alleged years of false portrayals of Wirecard’s business and finances.
- An interim ruling by the Munich Higher Regional Court in September 2024 allowed such claims after an earlier dismissal by the Munich Regional Court.
- Insolvency administrator Michael Jaffé opposes equal ranking for shareholders, arguing creditors who lent money or provided services should be paid first.