More than four years after the collapse of the payment service provider Wirecard, thousands of former shareholders are pursuing a collective damages claim in Munich, Germany. The procedure is held under the Capital Investor Model Proceedings Act (KapMuG) and involves about 8,500 individual plaintiffs and 19,000 additional claimants who joined the process. The damages sought amount to at least 750 million euros for the initial plaintiffs, with the total possibly reaching billions. The case targets Wirecard AG, its executives including ex-CEO Markus Braun, and notably the auditing firm EY, accused of failing to detect fraudulent financial reports and possibly breaching their duty intentionally. The Munich Regional Court and the Bavarian Supreme State Court are managing the process. EY denies all liability claims and has recently reorganized its German operations into legally separate entities, which plaintiffs' lawyers believe is an attempt to evade financial liability. The initial hearings focus on procedural questions about which issues will be addressed. The case is considered complex and may last for an extended period, with investors seeking justice and accountability for the missing purported 1.9 billion euros from Wirecard's accounts.

More than four years after the collapse of the payment service provider Wirecard, thousands of former shareholders are pursuing a collective damages claim in Munich, Germany. The procedure is held under the Capital Investor Model Proceedings Act (KapMuG) and involves about 8,500 individual plaintiffs and 19,000 additional claimants who joined the process. The damages sought amount to at least 750 million euros for the initial plaintiffs, with the total possibly reaching billions. The case targets Wirecard AG, its executives including ex-CEO Markus Braun, and notably the auditing firm EY, accused of failing to detect fraudulent financial reports and possibly breaching their duty intentionally. The Munich Regional Court and the Bavarian Supreme State Court are managing the process. EY denies all liability claims and has recently reorganized its German operations into legally separate entities, which plaintiffs' lawyers believe is an attempt to evade financial liability. The initial hearings focus on procedural questions about which issues will be addressed. The case is considered complex and may last for an extended period, with investors seeking justice and accountability for the missing purported 1.9 billion euros from Wirecard's accounts.