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Commerzbank files lawsuit against EY over €200m Wirecard losses

January 27, 2023


Former fintech darling Wirecard imploded in 2020, filing for insolvency after disclosing a €1.9 billion hole in its accounts.

Its collapse came after EY, its auditor for more than a decade, refused to sign off its 2019 accounts, forcing out chief executive Markus Braun and leading Wirecard to admit that €1.9 billion of its cash probably didn’t exist. It ended up owing creditors almost $4 billion.

Commerzbank has now filed a suit against EY in Frankfurt court, Reuters reports, with the bank’s complaint said to be one of a number against EY regarding Wirecard.

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