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German lender sues EY for over $216 million in Wirecard losses

Posted On: Jan. 24, 2023 9:29 AM CST


Germany’s Commerzbank AG has filed a lawsuit against U.K.-based Ernst & Young Global Ltd. over €200 million ($216 million) in losses that resulted from the collapse of German online payments Wirecard AG, The Bharat Express News reported. Wirecard collapsed into insolvency in June 2020, after its long-time auditor EY said that a sophisticated global fraud had led to a $2 billion hole in the firm's accounts.