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    WDI   DE0007472060

WIRECARD AG

(WDI)
End-of-day quote HANSEATISCHE WERTPAPIERBOERSE HAMBURG  -  2022-09-26
0.0141 EUR   -17.54%
07/12Wirecard used falsified client list to convince Softbank to invest €900m
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07/11Wirecard Said to Have Faked Client Data to Obtain $914 Million Softbank Investment
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07/05Wirecard's accounting chief admits to forging documents in KPMG audit
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Wirecard investors target EY parent for 1.5 bln euros in compensation

04/06/2022 | 09:07am EDT
FILE PHOTO: The logo of Wirecard AG is pictured at its headquarters in Aschheim

LONDON, April 6 (Reuters) - European investor campaign group Better Finance said on Wednesday it has set up a foundation to help 30,000 investors recover the 1.5 billion euros ($1.6 billion) they lost when German payments company Wirecard collapsed in 2020.

Better Finance said the foundation has been set up under Dutch law to target the global parent of EY, the accounting firm which audited Wirecard's books.

"The advantage of using a Dutch foundation opens up the possibility of reaching a settlement with EY, including EY Global, for all injured Wirecard investors in Europe," said Marc Tuengler, managing director of DSW, a German investor group which has teamed up with Better Finance to set up the foundation.

"The choice of a Dutch foundation offers options that are not available under German law," Tuengler said in a statement, adding that he envisioned a timeline of three to four years for the legal process.

EY said it continues to regard claims against EY Germany, including any claims by DSW, as unfounded.

"All first-instance court rulings by various chambers of the Munich Regional Court 1 that have already been issued in this context confirm EY's position: there are no claims against EY for damages," EY said.

The Munich Higher Regional Court similarly has referenced the high hurdles for sustaining claims against EY, it added.

Wirecard, founded in 1999, began by processing payments for gambling and pornography websites before becoming a fintech star and a member of Germany's blue chip DAX index.

It ended by filing for insolvency in June 2020, owing creditors almost $4 billion, after disclosing a 1.9 billion hole in its accounts that EY said was the result of a sophisticated global fraud.

Klaus Nieding, of Nieding+Barth law firm, said if EY in Germany or globally is unwilling to settle amicably, then the investors will go to court, with litigation costs covered by the foundation.

($1 = 0.9173 euros) (Additional reporting by Frank Siebelt in Frankfurt, Editing by Kirsten Donovan and Emelia Sithole-Matarise)


© Reuters 2022
All news about WIRECARD AG
07/12Wirecard used falsified client list to convince Softbank to invest €900m
AQ
07/11Wirecard Said to Have Faked Client Data to Obtain $914 Million Softbank Investment
MT
07/05Wirecard's accounting chief admits to forging documents in KPMG audit
AQ
06/19Wirecard AG 's Equity Buyback announced on November 15, 2019, has expired.
CI
04/06Wirecard investors target EY parent for 1.5 bln euros in compensation
RE
03/15German Court Allows Mass Trial Against Audit Firm Ernst & Young Over Wirecard Collapse
MT
03/15Ex-Wirecard boss hit with fraud charge
AQ
03/14German prosecutors charge 3 with fraud in Wirecard collapse
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03/14German Prosecutors Charge Former Wirecard CEO With Fraud, Accounting Manipulation
MT
01/28Charges Have Now Been Brought In Germany Over The Wirecard Scandal
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Managers and Directors
Thomas Eichelmann Chairman-Supervisory Board
Wulf Matthias Member-Supervisory Board
Stefan Klestil Member-Supervisory Board
Vuyiswa V. M’Cwabeni Member-Supervisory Board
Anastassia Lauterbach Non-Executive Director
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