DSW represents the interests of private investors
Deutsche Schutzvereinigung für Wertpapierbesitz e.V. (DSW) is Germany’s leading association for private investors. Founded in 1947, DSW now has about 30,000 members. DSW represents its members at approximately 700 general meetings per year.
Next to the representation of private investors' interests both at general meetings and at political level we offer a wide range of services for our members and act as head office of 7,000 investment clubs in Germany.
Besides, it is our declared goal to foster the equity culture in Germany and to improve investment skills.
The Wirecard case
The damages as a result of the Wirecard scandal are immense. As Wirecard has been declared bankrupt, its investors must look elsewhere for recourse. DSW is partnering with Stichting Wirecard Investors Claim (a foundation under Dutch law) to fight for compensation for injured Wirecard investors.
DSW and the Dutch foundation SWIC are preparing a class-action case against Wirecard’s auditor, the global financial services firm EY. EY has audited Wirecard's financial statements since 2009 and, despite clear indications and red flags, both from Wirecard employees and reporting in the press, the accounting firm gave unqualified approvals of Wirecards accounts right up FY2018.
We believe that Wirecard is co-responsible, and therefore liable for the damages suffered by Wirecard investors. Although the quickest and most efficient route to compensation for injured investors is a settlement agreement with EY, DSW and the foundation are willing and able to take EY to court.
DSW’s cooperation with a Dutch foundation opens up the possibility of achieving a collective settlement with EY that could subsequently be declared binding on all European investors by the Dutch courts. Through this route the foundation could potentially serve as a pan-European solution for EY for the considerable the risks it is exposed to for its role in the Wirecard scandal.
Wirecard investors can register with the foundation and join the class-action case free of charge. Leave your name and e-mail address here, and we will be in touch to inform you about how (and when) you can register with the foundation. Over 30.000 injured Wirecard investors have already pre-registered at DSW. You do not have to be a member of DSW to register at the foundation.
