Wirecard AG recently filed for insolvency in Germany but the Commercial Court today struck out a €25 million conspiracy claim against it arising out of its purchase of a group of companies, including Hermes, an Indian payments business, for more than €300 million in 2015. Jeff Chapman QC and Sam Ritchie (instructed by Helen Mulcahy of Fieldfisher LLP) appeared for Wirecard at the hearing conducted remotely before Sir Ross Cranston (sitting as a deputy Judge of the High Court) on 16 June 2020 (reported by The Financial Times here). In a reserved judgment handed down at an online hearing on 15 July 2020, the court held it was fanciful to suggest that, just because the seller was a Mauritian entity, Wirecard should have suspected fraud and made inquiries. It concluded the Claimants’ case had no realistic prospect of success. The full judgment can be found here.