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Dr. Max Oehm

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Dr. Max Oehm is a member of Baker McKenzie’s Dispute Resolution Practice Group in Frankfurt. Max has a particular focus on international arbitration and ADR in infrastructure projects and post-M&A disputes, often involving projects in Europe and South America. As a litigator, he advises in cases of professional liability of auditors, tax advisors and investment banks as well as in strategic / risk-relevant issues in connection with such services. Max holds a doctoral degree from the University of Mainz, Germany, and obtained a master’s degree in law at Boston University, USA, where he was awarded the American Law Outstanding Achievement Award. Max writes and speaks regularly on international arbitration and professional liability issues. He teaches at the University of Mannheim, Germany.
In Public Liability Claim

Wirecard-Litigation Update –  Bad News For Investors

by and 5 Mins Read

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…

In Auditors' Liability

Germany: To Disclose or Not To Disclose?! Records Requests to Auditors and Tax Advisors

by and 6 Mins Read

In recent years, Germany has seen major financial scandals causing political and legal turmoil. The two most prominent scandals are the so called “cum/ex” tax scandal and the “Wirecard” financial fraud scandal. For many people, these names are associated with money lost. Litigators associate “cum/ex”, “Wirecard” and further scandals with proceedings against auditors and tax advisors; a hot topic for litigation in Germany. Disputes are centered around the liability of auditors and tax advisors: Former…

In Auditors' Liability

The impact of the FISG for auditors in Germany

by and 6 Mins Read

Introduction A lot has been said and written about the Wirecard scandal in Germany. Books and scholarly articles have been published, movies about the case are blockbusters in theatres. Therefore, just briefly here: Wirecard was the poster child start-up company in Germany, active as an (online) payment service provider. The German federal government lobbied for Wirecard with its international counterparts. In summer 2019, Wirecard publically announced that an amount of approx. EUR 2 billion on its…

In Auditors' Liability

Draft law provides for drastic increase of auditors’ liability in Germany

by and 6 Mins Read

In October 2020, the German Government announced an action plan to improve the work of auditors in Germany (see https://globallitigationnews.bakermckenzie.com/2020/10/21/unlimited-liability-for-auditors-in-germany/). This action plan resulted from the Wirecard scandal, one of the biggest financial scandals Germany has ever seen. Among others, the auditors of Wirecard had failed to uncover the massive financial fraud scheme that the top managers of Wirecard had created. An investigation committee of the German Parliament is still trying to get to the…

In Auditors' Liability

Unlimited Liability for Auditors in Germany?

by 4 Mins Read

In June 2020, the Wirecard-scandal hit the financial markets. The German financial service provider Wirecard AG (“Wirecard”), a DAX 30 company, filed for insolvency after revelations that an amount of EUR 1.9 billion was missing from its books and the auditors had refused to certify Wirecard’s balance sheet. The company’s stock fell more than 70 % in only two days. In the future, books and movies will certainly exploit this scandal: a crime thriller including fake banks on…

In Europe

Damages for breach of jurisdiction agreements under German Law

by and 7 Mins Read

Internationally working litigators and arbitration lawyers experience the following situation again and again: A US client believes that it might have a million dollar claim against a German contractual partner. The contractual partner refuses to pay. The US client therefore wants to enforce the claim in court, preferably at its “home courts”. The client has the greatest confidence in its home courts and the organizational effort is low. An action before the foreign court of…