Wirecard Shareholders Face Uphill Battle for Compensation in Landmark Case

Germany’s largest civil trial begins with procedural hurdles and uncertainty over EY's liability for alleged fraudulent audits.

The Wirecard civil case, representing tens of thousands of shareholders, seeks up to €8.5 billion in damages from former executives and auditors Ernst & Young (EY).
The Bayerisches Oberstes Landesgericht criticized the Landgericht München’s initial legal groundwork as vague, delaying substantive discussion of claims.
Questions remain over whether EY's audit certifications qualify as capital market information, a key factor in determining legal liability under German law.
EY denies wrongdoing and claims their audit reports do not meet the criteria for investor lawsuits under the Kapitalanleger-Musterverfahrensgesetz (KapMuG).
The trial's outcome may take years, with a related Bundesgerichtshof ruling on EY's liability expected in February 2025.