Kategorie: Politics Law Society

Wirecard AG – Shareholders can register claims in insolvency proceedings Insolvency proceedings concerning Wirecard AG were opened on August 25, 2020 (Az.: 1542 IN 1308/20). Creditors had until October 26, 2020 to register their claims with the insolvency administrator. Wirecard AG filed for insolvency at the end of June. Two months later, insolvency proceedings were opened at the Amtsgericht München – the District Court of Munich – concerning the company and six subsidiaries. For Wirecard AG”s shareholders and investors, the bankruptcy of the former DAX-listed company brings with it the…

OLG Köln on standards for advertisements featuring “Testsieger” Anyone promoting products or services using the accolade “Testsieger” (test winner) must also provide a source reference for the test. Important information is otherwise being withheld from consumers according to the Oberlandesgericht (OLG) Köln – the Higher Regional Court of Cologne. The use of test results in product advertising is popular due to the considerable influence test certifications can have on consumers” purchasing decisions. This is particularly true of tests conducted by prestigious bodies or organizations. That is why the legislature has…

OLG Frankfurt on indication of origin for sparkling wine from Italy Sparkling wine whose second fermentation phase occurs in Spain can still be advertised as a product that comes from Italy. That was the verdict of the Oberlandesgericht (OLG) Frankfurt – the Higher Regional Court of Frankfurt – in a ruling from September 11, 2020 (Az.: 6 W 95/20). A sparkling wine can be designated as an Italian product if the grapes were harvested and made into wine in Italy, even if the second phase of fermentation and the associated…

OLG München: Golden color not protected as trademark acquired through use The golden color of a chocolate Easter bunny is not protected as a color mark. The Oberlandesgericht (OLG) München – the Higher Regional Court of Munich – found that the producer in question did not enjoy any trademark rights in relation to the color. In the weeks leading up to Easter, supermarket shelves are stacked with chocolate bunnies. One producer has been packaging its chocolate bunnies in a gold-colored foil for many years. We at the commercial law firm…

Rocket Internet delists its shares – Shareholders facing huge losses Rocket Internet has decided to delist its shares, with the shareholders having approved the buyback offer at the extraordinary general meeting held on September 24, 2020. The move came as little surprise following repeated speculation surrounding Rocket Internet”s delisting. It is expected to be effected by as early as November after around 81 percent of the shareholders approved the buyback offer, a result that was to be expected given that the founder and CEO of the company owns a large…

Wirecard AG – Investigations on suspicion of market manipulation The Munich Public Prosecutor”s Office has conducted a search of Wirecard”s head office in Aschheim near Munich on suspicion of market manipulation. The raid that took place at Wirecard”s head office on June 5, 2020 appears to have been in response to a criminal charge lodged by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) – Germany”s Federal Financial Supervisory Authority – concerning ad-hoc announcements made by the company on March 12 and April 22 of this year. When considered in connection with a…