Our last Wirecard update was some time ago.[1] For those who have erased Wirecard from their memories: Wirecard AG is the former German “stock market miracle” from Aschheim, a small community in Bavaria with around 10,000 inhabitants. Wirecard went bankrupt in June 2020 after it had turned out that EUR 1.9 billion in supposed funds in the Philippines were non-existent. It is one of the biggest financial scandals in post-war German history. There is a…
The Wirecard story is a true economic thriller: monies disappeared, offshore accounts were faked, managers were arrested or fugitive, possibly with connections to intelligence services. As such, Wirecard goes down as one of the most sensational scandals in German economic history. Today, it has been almost three years since Wirecard AG filed for insolvency. Since then, private and institutional investors have been trying to recoup their losses through individual lawsuits or model declaratory actions against…