Overview

• The Federal Court of Justice held a hearing in Karlsruhe on whether Wirecard shareholders' damages can be treated as ordinary insolvency claims.
• Union Investment’s case against insolvency administrator Michael Jaffé is the vehicle for the ruling, with about €9.8 million filed as simple claims, the court noted.
• The Munich higher regional court allowed such claims in a 2024 interim decision after the Munich regional court had rejected them, and Jaffé seeks to reinstate the lower court’s view.
• Roughly 50,000 shareholders have registered about €8.5 billion in claims, total creditor claims are around €15.4 billion, and the estate is about €650 million.
• The Senate signaled no clear leaning during arguments, and a decision favoring shareholders would send the case back to Munich to determine causation and amounts and could affect insolvency practice more broadly.