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…
On 29 July 2019, the Court of Justice of the European Union (“CJEU”) confirmed in Tibor-Trans/DAF Trucks (C-451/18) [1] that indirect customers can claim damages for damage suffered from cartel-related excessive pricing. However, claimants can sue infringers only in EU Member States within the geographic market affected by the anti-competitive conduct. For establishing jurisdiction, it is no longer relevant where the claimant suffered the damage. Is this the end of the “home-field advantage” for damaged…
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…
In a recent judgment of May 8, 2019 (Case No. 13 U 210/17, BeckRS 2019, 12531) based on Regulation (EC) No. 1393/2007 on the service in the Member States of judicial and extrajudicial documents in civil or commercial matters (the “Regulation”), the Higher Regional Court of Frankfurt (the “Court”) held that if a plaintiff opts for a translation of the statement of claim (although such translation is not required under the Regulation), plaintiff is responsible…