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Full success: Schirp Law Firm celebrates Wirecard Action Day

On June 25, 2023, the Wir­e­card Ac­tion Day took place in Berlin.

With this so far unique ac­tion on the three-​year an­niversary of the Wir­e­card in­solv­ency, the law­yers of the law firm Schirp & Part­ner, who rep­res­ent the largest plaintiff group in the pro­ceed­ings against EY to date, wanted to draw at­ten­tion to the only slow legal pro­cessing of the Wir­e­card scan­dal and the legal in­ad­equacy of col­lect­ive legal protection.

At the rally on Haus­vo­gteiplatz in Berlin-​Mitte, not far from the Fed­eral Min­istry of Justice, Dr. Wolfgang Schirp clearly ad­dressed the griev­ances and ex­plained what goals the Schirp law firm is pur­su­ing to im­prove col­lect­ive legal pro­tec­tion. Ag­grieved Wir­e­card AG in­vestors from Ger­many and abroad also had their say.

Dur­ing the sub­sequent panel dis­cus­sion, journ­al­ist Volker ter Hase­borg re­por­ted on his re­search into the Wir­e­card AG crim­inal case and, in ad­di­tion, the legal pro­cessing and the amend­ment to the Cap­ital In­vestor Model Pro­ceed­ings Act ini­ti­ated by the law firm Schirp & Part­ner were dis­cussed. The weak­nesses of the KapMuG lie primar­ily in its high com­plex­ity, its lim­ited areas of ap­plic­a­tion and the long dur­a­tion of pro­ceed­ings. In par­tic­u­lar, the ex­cess­ively long dur­a­tion of pro­ceed­ings is un­ac­cept­able and leads legal pro­tec­tion vir­tu­ally ad absurdum.

There­fore, the law firm Schirp & Part­ner has pro­posed con­crete amend­ments for the KapMuG, in­clud­ing spe­cific ac­cel­er­a­tion pro­vi­sions and an “opt-​out” clause.

The opt-​out clause will al­low plaintiffs who are will­ing to bear the risk of legal cla­ri­fic­a­tion on their own to move for­ward with their pro­ceed­ings and not be forced into a 20-​year time loop.

We want to cre­ate an op­por­tun­ity for plaintiffs to ob­ject to the man­dat­ory stay and con­tinue their own pro­ceed­ings be­fore the trial court,” said at­tor­ney Antje Radtke-​Rieger, an ex­pert in mass pro­ceed­ings and cap­ital in­vestor model pro­ceed­ings at the panel discussion.

Dr. Wolfgang Schirp was ex­tremely sat­is­fied after the ac­tion day: “The Wir­e­card ac­tion day was a great suc­cess. We are glad to have given a new im­petus to the pro­ceed­ings against EY with this ex­traordin­ary ac­tion. Now it will be a mat­ter of put­ting for­ward our le­gis­lat­ive ini­ti­at­ive and con­tinu­ing to draw as much at­ten­tion as pos­sible to the issue.”

We will post the re­cor­ded panel dis­cus­sion and an in­sight into the day of ac­tion on­line on our You­tube chan­nel in due course.

Fur­ther in­form­a­tion on the Wir­e­card scan­dal and our ac­tion against EY can be found here.

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