Perfil: Wirecard Investors Target EY Parent For 1.5 Bln Euros In Compensation

<p>LONDON, April 6 (Reuters) - European investor campaign group Better Finance said on Wednesday it has set up a foundation to help 30,000 investors recover the 1.5 billion euros ($1.64 billion) they lost when German payments company Wirecard collapsed in 2020.</p><img src="https://files.sysers.com/cp/upload/pmagic/items/PA_System_png.png" width="450" style="max-width:450px;max-width:400px;float:left;padding:10px 10px 10px 0px;border:0px;"> <p>Better <a href="https://www.reddit.com/r/howto/search?q=Finance" rel="dofollow">Finance</a> said the foundation has been set up under Dutch law to target the global parent of EY, the accounting firm which audited Wirecard's books.</p> <p>"The advantage of using a Dutch foundation opens up the possibility of reaching a settlement with EY, including EY Global, for all injured Wirecard investors in Europe," said Marc Tuengler, managing director of DSW, a German investor group which has teamed up with Better Finance to set up the foundation.</p> <p>"The choice of a Dutch foundation offers options that are not available under German law," Tuengler said in a statement.</p> <p>EY had no immediate comment.</p> <p>Wirecard, founded in 1999, began by processing payments for gambling and pornography websites before becoming a fintech star and a member of Germany's blue chip DAX index.</p> <p>It ended by filing for insolvency in June 2020, <a href="https://pasound-system.com/" rel="dofollow">https://pasound-system.com/</a> owing creditors almost $4 billion, after disclosing a 1.9 billion hole in its accounts that EY said was the result of a sophisticated global fraud.</p> <p>Klaus Nieding, of Nieding+Barth law firm, said if EY in Germany or globally is unwilling to settle amicably, then the investors will go to court, with litigation costs covered by the foundation.</p> <p>($1 = 0.9173 euros) (Reporting by Huw Jones; Editing by Kirsten Donovan)</p></div><p> </p><p> </p>
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