Wirecard

After 291 days of hearings, the Munich regional court is entering the final phase of the trial over the billion-euro fraud at Wirecard. The evidence-taking ends on November 26; defense lawyers have a two-week window for final motions, and six days are scheduled for closing arguments and last statements. A verdict before Christmas would be possible. At the center is the indictment alleging that Markus Braun and co-defendants fabricated revenues and deceived banks; Braun denies the charges. » Więcej na faz.net

Raiffeisenlandesbank Oberösterreich has discontinued its individual suit against auditor EY related to the Wirecard collapse and closed the proceedings without giving reasons. A settlement with EY appears not to have been reached. Commerzbank is continuing its suit against EY; an expert has already been appointed in that case. The Federal Court of Justice recently ruled that audit confirmations under the previous version of the Model Case Act were not admissible as capital market information in the model proceedings, and a legislative clarification came too late for the affected Wirecard investors. » Więcej na faz.net

The Federal Court of Justice (BGH) has dismissed shareholders' complaints against the partial lead-case ruling of the Higher Regional Court of Munich, which held that no claims for damages against the auditing firm EY can be asserted in the investor-model proceedings. The case concerns falsified Wirecard financial statements from 2014 to 2018; EY had certified the accounts until the collapse and only refused the 2019 opinion in 2020. The BGH ruling does not preclude individual lawsuits against EY, but these would have to be based on a breach of auditing duties, not on false capital market information. The civil model proceedings are running parallel to the criminal trial against former CEO Markus Braun, who, after almost four years, is awaiting verdict. » Więcej na finanzen.net

At the Munich trial of former CEO Markus Braun and two co-defendants, judges have given the defence a two-week deadline for final evidence motions, likely until 11 November. If no further motions are submitted, the chamber plans to hear the prosecution’s closing arguments and sentencing requests; firm dates for pleas and the verdict have not yet been set. Braun denies the allegations, while the prosecution asserts missing balance-sheet assets of €1.7 billion and damages of around €3 billion. » Więcej na handelsblatt.com

The Federal Court of Justice ruled that liability claims against the auditors and the audit firm EY do not fall within the investor model proceedings for Wirecard. EY welcomed the decision and pointed out that damages claims will be defended in the now-resumed individual proceedings. More than 8,000 previously stayed lawsuits against EY will thus be pursued individually, and around 19,000 investors who had only filed claims in the model proceedings reportedly still have a period in which they can bring individual suits. The legal question of EY’s potential liability remains, but must now be decided in numerous separate cases. » Więcej na faz.net