BGH rejects lawsuit
BAFIN does not have to compensate Wirecard investors
January 26, 2024, 2:22 p.m
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In 2020, Wirecard collapsed when bogus bookings amounting to 1.9 billion euros were discovered. Thousands of shareholders lose large amounts of money. However, the Federal Court of Justice has now ruled that you are not entitled to compensation from the financial regulator BAFIN.
Lawsuits by injured Wirecard shareholders against the financial regulator BAFIN are futile following a ruling by the Federal Court of Justice (BGH). The Karlsruhe court rejected an investor’s non-admission complaint in a ruling.
He had sued the Federal Financial Supervisory Authority (BAFIN) for almost 65,000 euros in damages for the losses he and his wife suffered with Wirecard shares when the company collapsed in June 2020. It turned out that 1.9 billion euros that were supposedly in escrow accounts in Asia did not exist.
The plaintiff invoked the authority’s official liability by violating its official duties. The plaintiff had already failed before the regional court and the Frankfurt Higher Regional Court. He lodged a complaint with the Federal Court of Justice against the non-admission of the appeal. But the Supreme Court of Appeals also rejected it.
BAFIN’s measures “in the context of market abuse monitoring and balance sheet control” were not “objectionable and were in any case justifiable while fully respecting the interests of effective balance sheet control,” according to the decision of the third civil senate.