Higher Regional Court of Munich Rules in Favor of Wirecard Shareholders

The Munich Higher Regional Court has ruled that Wirecard shareholders must receive a quota from the insolvency estate. The court's decision stems from the deceit perpetrated by the Management Board regarding the company's actual financial status. Consequently, shareholders are to be treated as external creditors.

The ruling isn't final. Insolvency administrator Jaffé, opposing the distribution, plans to appeal to the Federal Supreme Court.

Dr. Wolfgang Schirp, representing about 1,950 Wirecard victims through his law firm Schirp & Partner, stated, "The court's decision is promising for shareholders. However, expectations regarding the insolvency quota should be tempered."

The insolvency estate has approximately EUR 650 million in assets. Post the proceedings' costs, these assets will be distributed among the claims totaling EUR 15.4 billion, with shareholders laying claim to EUR 8.5 billion. The expected payout is thus only a single-digit percentage.

Dr. Schirp emphasized the importance of the capital investor sample proceedings against Ernst & Young (EY). The forthcoming hearing on November 22 aims to ensure EY compensates for the damages. Safeguarding against EY's potential legal maneuvers to avoid liability remains crucial.