In the billion-euro fraud surrounding Wirecard, thousands of investors are hoping for compensation for the company's false promises and manipulated balance sheets. However, a recent ruling by the Bavarian Supreme Court has now put a serious damper on these hopes. The decision relates in particular to the auditing firm EY, which approved Wirecard's falsified balance sheets for years. But can investors really expect no compensation now? What does this ruling mean for the thousands of aggrieved investors? We take a look at the most important points.
The big disappointment: claims for damages rejected
In the so-called test case, which bundles thousands of lawsuits from Wirecard investors, the judges of the Bavarian Supreme Court have dismissed the claim for damages against EY. This decision hits a nerve, as many investors had hoped to at least get their money back through the auditors. The judges argued that EY had not itself published Wirecard's false balance sheets - this responsibility lies with Wirecard and not with EY. For many, this is a difficult verdict to understand, as the auditors would ultimately have had to approve the false figures.
What remains of the lawsuits?
Despite the dismissal in the test case, the ruling does not mean the final end for all claims for damages. The court has made it clear that it can be examined in separate proceedings whether EY breached its auditing duties. Should the auditors have made negligent or even deliberate errors in their work, this could result in new proceedings. However, investors who were hoping for a quick solution will have to wait even longer for a final decision.
What does this mean for investors?
For the almost 8,700 investors who have gathered in the test case, the biggest problem remains: their lawsuit against EY remains unsuccessful for the time being. However, claims for damages against former Wirecard CEO Markus Braun and other former executives are not yet off the table. This means that there is still a chance of receiving compensation, at least in these cases. But it will be a while before a verdict is reached in these individual proceedings.
A legal mess, but hope remains
The ruling from Munich is a setback for many Wirecard investors who had hoped for swift compensation. However, even if the test case does not bring the desired success, the question of the responsibility of EY and other parties involved remains open. The next few years could show whether investors will ultimately get their rights after all - or whether they will finally have to come to terms with the bitter reality.
Why Wirecard is just the tip of the iceberg
What does it look like now? Will the Wirecard case bob along over the next few years in the same way as many other major commercial lawsuits? While Wirecard investors' claims for damages continue to be delayed, a crucial question arises: why is the financial market so lacking in transparency that such scandals can happen at all? Instead of waiting for the next decision of the Federal Court of Justice, we as a society and as investors should perhaps ask ourselves more how we can prevent such massive abuse in the financial system in the long term. One thing is clear: as long as the legal system is only based on the question of who made what mistakes at what time, the real lesson about the responsibility of companies and audit firms will fall by the wayside.
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