Dutch foundation to enable assertion of claims against EY Deutschland and EY Global – at no cost and risk-free.
Amsterdam | Brussels | Düsseldorf | Frankfurt, 06 April 2022 – Wirecard AG’s bankruptcy is likely one of the biggest economic scandals in German history. Within no time it became clear that the high-tech hopes for online payments were nothing but a colossal fraud scheme. Several thousands of private investors lost their entire capital because they trusted the company. They believed the Wirecard story because of the consistently growing sales and profits, which for over a decade were audited and certified without question by EY accountants.
Foundation under Dutch Law Perfect Litigation Vehicle – at No Risk for Affected Investors
Against this background, the aggrieved investors will wonder how they can claim compensation for their losses against EY successfully, and at no risk. Together with the law firms of Nieding+Barth (Frankfurt am Main) and AKD Benelux Lawyers (Amsterdam), which specialize in capital market law, DSW (Deutsche Schutzvereinigung für Wertpapierbesitz), the leading German association for the protection of investors, has the answer. A not-for-profit foundation was set up under Dutch law as a litigation vehicle: Stichting Wirecard Investors Claim. “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. The choice of a Dutch foundation offers options that are not available under German law”, said Marc Tüngler, managing director of DSW.