Wirecard Investor Sues Administrator in $286.4 Million Test (1)

A Wirecard AG shareholder filed a suit seeking to circumvent German bankruptcy rules that left it on the hook for millions of euros of losses after one of the nation’s biggest corporate scandals.

German asset manager Union Investment Institutional GmbH said it sued the collapsed payment processor’s administrator Michael Jaffe in a Munich court demanding 243 million euros ($286.4 million).

The case is being financed by litigation fund provider Burford Capital Ltd. and, if successful, will be expanded to cover other institutional shareholders. The suit was filed in June, according to an emailed statement by the asset manager.

Under German ...