Ernst & Young Faces German Class Action Case Over Wirecard (1)

A Munich court opened a class-action style procedure against Ernst & Young LLP to jointly hear cases brought by Wirecard AG investors who claim the firm violated its duties when auditing the now bankrupt payment company.

The ruling was issued on Monday, German law firm Tilp said in an emailed statement. Tilp had filed the individual suits shortly after the Wirecard scandal broke two years ago and sought to open the mass case to combine them under this procedure. The plaintiffs are Wirecard share- and bondholders.

EY said it’s considering an appeal as other judges from the same ...