Wirecard investors have no claim for damages against Bafin

DThe Frankfurt Higher Regional Court has a claim for damages from former Wirecard investors against the financial supervisory authority Bafin also denied in the second instance. The Federal Financial Supervisory Authority had not “violated its official duties in controlling the balance sheet,” the Higher Regional Court decided after a notification on Friday.

The plaintiff could therefore not hold the Bafin liable for price losses suffered. The Higher Regional Court decision (Az.: 1 U 173/22) is not yet final and would be lodged with the Federal Court of Justice (BGH) land.

The payment service provider listed in the Dax at the time Wirecard collapsed in the summer of 2020 after the board admitted that 1.9 billion euros allegedly booked in trust accounts could not be found. The shares smeared. Because the fraudulent transactions had remained undetected for years, the Bafin, among others, was heavily criticized. According to the information, almost 500 proceedings by investors who are demanding damages from the financial supervisory authority are pending at the 1st civil senate of the OLG Frankfurt. In this specific case, it was about 40,000 euros.

According to the court, the plaintiff “did not present any tangible evidence for the assumption” that the Bafin should have commissioned a special audit at Wirecard at an earlier point in time. Ultimately, “it cannot be determined that the plaintiff’s damage would not have occurred if he had intervened earlier (…)”.

Also a claim for damages due to alleged abuse of office resign. The fact that Bafin employees owned shares in Wirecard AG was “not immoral”. With the dismissal of the action, the Higher Regional Court confirmed a decision of the Frankfurt Regional Court.