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World Wirecard: Litigation financiers hesitate in lawsuits against EY

17:20  22 september  2020
17:20  22 september  2020 Source:   wiwo.de

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EY told CNBC late Thursday that there were "clear indications that this was an elaborate and sophisticated fraud, involving multiple EY is facing mounting legal pressure due to its role in auditing Wirecard 's accounts. Earlier this month, Wolfgang Schirp filed a class action lawsuit against the

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Prozessfinanzierer wollen sich nicht an Klagen geschädigter Wirecard-Anleger gegen den Wirtschaftsprüfer EY beteiligen © dpa Litigation financiers do not want to participate in lawsuits of damaged Wirecard investors against the auditor EY

investor lawyers advertise that a litigation financier pays the costs in Wirecard lawsuits. It is now clear that hardly any financier currently wants to step in. What that means for those damaged by Wirecard.

investor lawyer Wolfgang Schirp recently had bad news for Wirecard victims. Talks with litigation financiers about assuming costs for lawsuits against the auditor EY were largely unsuccessful. According to lawyer Schirp, two reasons motivated the financiers not to participate in the lawsuits: They did not want to endanger the business relationship with EY and they would have doubts whether EY Germany would have the means to satisfy all claims for damages. According to Schirp, there is no global liability umbrella within the international EY group. Each national branch is solely responsible. If the German EY GmbH ran out of funds, it could go into bankruptcy.

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Litigation may be used to resolve a dispute between private individuals, an individual and a business, or between two businesses. Key terms: Parties and phases in litigation and arbitration. 3 Complete the sentences below using the words for parties involved in dispute resolution from the box.

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litigation funders lay out litigation costs for the plaintiff, including court fees and attorney fees. In return, they are given a percentage of the subsequent compensation. Before litigation funders give a promise, they check the chances of success of a lawsuit. You can estimate whether it is worth financing or not.

The Munich law firm Rotter is currently negotiating with several litigation financiers. “The negotiations are more protracted than with other capital investment proceedings because they involve lawsuits against several parties at the same time,” says Bernd Jochem, partner at the firm Rotter Rechtsanwälte. For each of these parties, the creditworthiness and the chances of success of a lawsuit should be assessed differently. It cannot therefore be ruled out that a financier will only finance part of the litigation. According to Jochem, there is currently no funding commitment.

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“We are evaluating potential actions against Wirecard and other involved parties on behalf of the DWS funds which were impacted as a result of investing in Wirecard ,” DWS said. The decision “was made to avoid any possible future conflicts arising from EY ’s role as statutory auditor of Wirecard ”, DWS said.

Learn about the process of litigation , particularly civil litigation , and how businesses can become involved in litigation to resolve a dispute. For example, if you have a business in Iowa and are suing another business in Illinois, you will probably have to file and litigate the case in Illinois.

litigation financiers usually have little interest in litigation that lasts for years. You want your invested capital plus profit back as quickly as possible. The easiest way to do this is to settle out of court. Litigation financier Foris also says it prefers a comparison with EY. The company is negotiating with several law firms. The talks are not yet over.

It is still completely open whether Wirecard victims will find a litigation financer for their lawsuit. This means that an advertising promise made by many law firms is on the brink: Wirecard lawsuits are cost-free and risk-free. Without a financier, lawsuits only make sense if legal expenses insurance covers the costs or if the plaintiffs have deep enough pockets to finance litigation themselves. Most insurers, however, have explicitly excluded capital investments in their new policies. The insurer is only allowed to finance a Wirecard lawsuit for older policies.

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The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation . This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.

Litigation Defined and Explained with Examples. When a Defendant receives a copy of the lawsuit filed against him, he must provide a response to the allegations made in the Complaint to the court. The term “ litigation ” refers to the process of seeking a resolution of a dispute through a civil lawsuit .

The refusal of the financiers, so lawyer Schirp, was completely surprising after the detailed negotiations. Only one British financier submitted an offer through a weakly capitalized Dutch special purpose vehicle. His financial reserves were too low for his law firm to want to enter into a contract. If the lawsuit against EY had been unsuccessful, the financier could have had problems taking on the other side's costs. Other law firms would also have trouble getting a litigation financer on board, says Schirp.

Peter Mattil, Munich investor attorney, considers the involvement of litigation financiers in filing claims for damages in the Wirecard insolvency proceedings as well as in sample proceedings against EY to be superfluous anyway. Mattil makes the following invoice: In the case of a model case, there is initially only a small fee according to the Lawyers' Remuneration Act and nothing more. The same applies to registration in bankruptcy proceedings. If successful, the litigation financier would collect 160,000 euros. This is an unbelievable deal for the financier because he has no risk. "Perhaps the financiers have recognized that the disproportionate could be immoral," says attorney Mattil. Then the financiers should not demand their share of the success. Mattil himself does not work with a litigation financier in test cases.

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In a sample procedure, the first step is to check whether investors are fundamentally entitled to compensation for a violation. Unlike a US class action lawsuit, there is no money afterwards. Unless the plaintiffs make a comparison with the opponent. If no settlement can be reached, each investor has to sue for damages individually after a successful model lawsuit.

Only when individual lawsuits have to be brought later, after a successful test case, can it get expensive, says Mattil. Example: A Wirecard investor has a claim of 500,000 euros against EY. After two instances, the costs amounted to 65,000 euros. Cooperation with a litigation financier only makes sense in the case of expensive individual lawsuits.

Christoph Kaltmeyer, like Schirp and Mattil also an investor lawyer, suspects that the litigation financiers were charged by some law firms for individual lawsuits. However, Kaltmeyer cannot provide any evidence for his theory. In his negotiations with the litigation funders, the amount of his fee was not an issue, says Wolfgang Schirp.

Only a few prominent law firms specializing in capital markets law have so far had a deal with litigation financiers. The Tübingen lawyer Andreas Tilp is one of them. He has the British litigation financier Therium on board. Tilp confirmed its commitment on request. If successful, Therium collects 20 percent of the compensation.

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