KARLSRUHE, Germany (Reuters) -A German high court rejected a claim from shareholders in defunct payments company Wirecard who were seeking a bigger share of the firm’s remaining assets.
The company collapsed in 2022 in the country’s biggest post-war fraud after conceding that 1.9 billion euros ($2.22 billion) it had booked in its accounts likely never existed.
Some 50,000 shareholders, foremost among them Union Investment, argued that since they themselves were victims of fraud by the company they should rank alongside creditors in insolvency proceedings, rather than in last place as is ordinarily the case.
Judges at the Federal Court of Justice in Karlsruhe rejected that argument.
“It’s not sufficient to demonstrate that…