Schirp Schjmidt-Morsbach Rechtsanwälte PartG: Investor Lawsuits in the Wirecard Case: Federal Court of Justice Dismisses EY from Model Proceedings The lead plaintiff’s attorneys welcome the decision

The Federal Court of Justice (BGH) has ruled that the model proceedings brought by investors against EY are inadmissible. In doing so, the BGH upholds a previous decision by the Bavarian Higher Regional Court (BayObLG). As the BGH ruled, the audit opinions issued by EY for Wirecard’s financial statements did not constitute “capital informations” within the meaning of the Capital Investors Model Proceedings Act in effect at the time. Consequently, the model proceedings against EY have been definitively declared inadmissible. Nevertheless, the lead plaintiff’s attorneys—Dr. Wolfgang Schirp and Dr. Susanne Schmidt-Morsbach, as well as Dr. Marc Liebscher from Berlin—expressly welcome the decision. Dr. Schirp stated: “There is now finally clarity regarding the further proceedings. We can now swiftly resume all civil proceedings before the Munich Regional Court and the Munich Higher Regional Court that had been compulsorily suspended. This will lead to rulings against EY more quickly than the model case could ever have suggested. We will still be able to secure judgments against EY in time to halt the ‘capital flight’ initiated in early 2024. The plaintiffs can breathe a sigh of relief; their efforts to date have not been in vain.” Nor is the Federal Court of Justice’s (BGH) statement—that EY is liable only in the case of intentional conduct contrary to public morals —deterring the plaintiff’s representatives. Dr. Marc Liebscher: “We have long been aware of the substantive legal situation, and it has always been the basis for our approach. The evidence against EY is overwhelming; in our view, the threshold for intentional conduct contrary to public morals has been met. We are very confident.” What will happen now to the aggrieved parties who have so far relied solely on the model lawsuit and filed their claims there without yet filing their own lawsuit? These aggrieved investors do indeed need to take action: Under current law, these individuals now have three months to file their own lawsuit—if they so desire. Dr. Wolfgang Schirp: “Even if it involves additional effort, filing a separate lawsuit still makes sense. After all, the claimants have effectively protected their claims against EY from the statute of limitations. They can still build on this foundation with their own lawsuit.” Overall, this is the conclusion reached by the representatives: “Even though the proceedings have already dragged on for an unreasonably long time, the course has now been set in the right direction. We are very confident that we will be able to bring all proceedings to a successful conclusion in 2027.” For further information, please contact: Dr. Wolfgang Schirp and Dr. Susanne Schmidt-Morsbach, Kantstraße 149, 10623 Berlin, email: schirp@schirp.com and schmidt-morsbach@schirp.com, Tel. 0049-30-32761790 or 0049-179-5320213, URL: www.schirp.com; Dr. Marc Liebscher, email: marc.liebscher@liebscher.com, Tel.: 0049-176-93150194, URL: www.liebscher.com