Insurance Fallout in the Wirecard Scandal

In the ongoing Munich trial regarding Germany's largest post-war fraud case, two former Wirecard managers, including the chief accountant, face severe financial ramifications. Their Directors and Officers (D&O) insurance, typically available for corporate leaders, has been denied due to the circumstances surrounding the scandal.

With reported losses exceeding 3 billion euros for banks and claims surpassing 15 billion euros from creditors and shareholders, the insurance coverage of 15 million euros has already been exhausted. As a result, the former chief accountant, along with other implicated executives, finds themselves without further financial protection amid the legal proceedings.