LitFin funds claims against Wirecard auditor EY

LitFin is funding claims against Wirecard auditor Ernst & Young and has announced that to date it has gathered claims of more than 20,000 shareholders and creditors who lost money when the Munich-based company liquidated last year with a $2 billion hole in its balance sheet. Pinsent Masons is representing the claimants. EY has repeatedly denied any wrongdoing and said it is the victim of “collusive fraud” designed to fool investors and auditors. German lawmakers, however, have recently been presented with a confidential report by the country’s special investigator that reportedly blames EY for not fully scrutinising Wirecard’s Asian business, which later emerged to be the centre of the fraud. Read more.

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LitFin backs construction cartel claims in Austria

LitFin is funding the pursuit of claims against Austrian construction companies STRABAG AG and the PORR Group for their alleged participation in a ‘construction cartel.’ Austrian commercial law firm Brand Rechtsanwälte GmbH will be responsible for examining and enforcing the claims for damages. It is expected that a first instance claim will take between 1-3 years to receive a decision from a court. 

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