Wirecard Class Action Raises Regulator Immunity Questions
Law360 (August 27, 2020, 4:11 PM EDT) -- The German Federal Financial Supervisory Authority, or BaFin, is being sued for abuse of authority following one of the biggest fraud scandals of the decade, with German payment processor Wirecard AG filing for insolvency owing €3.5 billion (approximately $4.14 billion) and its chief executive arrested on suspicion of accounting fraud and market manipulation.
The Wirecard saga has been a wake-up call for the German financial system and the European Securities and Markets Authority's supervisory powers. More broadly, the BaFin class action has put a spotlight on regulators' immunity where there have been allegations of gross failings in regulatory duties.
The Wirecard investors...
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