Wirecard Investors Plan to Abandon Recovery Bid in Fraud Suit

Wirecard AG investors intend to voluntarily dismiss their proposed class action over an alleged €1.9 billion fraud, they told a federal court.

The case is unable to proceed toward trial, and no money is likely to remain after German bankruptcy proceedings conclude, the American investors told the US District Court for the Eastern District of Pennsylvania on Wednesday. The filing preceded a hearing Thursday in Germany’s top civil court, the Federal Court of Justice in Karlsruhe, where investors argued for equal footing with creditors for payouts.

• Financial-services provider Wirecard invented fictional escrow accounts worth about $2 billion in “the largest ...