Germany's top civil court rejects appeals in Wirecard investor model case
Germany's Federal Court of Justice rejected all appeals against a partial model-case ruling linked to the collapse of Wirecard AG. The ruling concerns investor damages claims, including claims against the company's auditor, under the older version of the Capital Markets Model Case Act (KapMuG) in force until 19 July 2024.
What does it mean?
In the Wirecard investor lawsuits, the top German civil court agreed that the earlier ruling could be issued separately. Claims against the auditor were kept out of this model-case procedure.
Who is affected?
Investors who bought Wirecard AG shares and are pursuing damages claims linked to its 2014 to 2018 annual reports, as well as the company's auditor.
What changes?
The case applies the version of KapMuG in force until 19 July 2024, which is the older rules for this model-case procedure.