Image: Apa/dpa/Sven Hoppe
The Federal Court of Justice (BGH) in Karlsruhe announced this today, Friday. With the decision, the BGH rejected a non-admission complaint against a decision by the Frankfurt am Main Higher Regional Court.
The Wirecard accounting scandal is one of the biggest economic scandals in Germany. The management team around the Viennese ex-boss Markus Braun and the fugitive ex-manager Jan Marsalek are said to have booked fictitious transactions worth billions over the years. Wirecard had to file for bankruptcy at the end of June 2020.
In the specific case, the plaintiff and his wife had bought shares in Wirecard AG before the bankruptcy. They argued that the Federal Financial Supervisory Authority (BaFin) should have better controlled the payment service provider and informed the public earlier. EU requirements were not met. As a result, the couple suffered damage amounting to around 65,000 euros.
The Frankfurt am Main regional court dismissed the lawsuit. An appeal was not permitted, which is why the plaintiff filed a so-called non-admission complaint. The BGH has now rejected this. BaFin’s market abuse monitoring and balance sheet control with regard to Wirecard AG from 2015 to its bankruptcy in 2020 are not objectionable – also from an EU law perspective.
In previous proceedings, the Frankfurt Regional Court and Higher Regional Court had dismissed numerous lawsuits with the point that BaFin’s financial supervision was carried out solely in the public interest. Liability towards investors is therefore ruled out. In the new proceedings, the lawyers had therefore concentrated on BaFin’s alleged violations of the Transparency Directive and other EU regulations, but were now also unsuccessful.
Meanwhile, the criminal trial against the former company boss Braun is ongoing before the Munich I regional court. Two other former Wirecard managers are also in the dock there.
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