Investors who lost money from investing in Wirecard AG shares can’t make Germany’s financial regulator Bafin compensate them, a Frankfurt court ruled.

The tribunal on Wednesday threw out four suits by shareholders who claimed they lost between 3,000 euros ($3,404) and 60,000 euros after the former payment company went bust in Germany’s biggest accounting scandal. Bafin isn’t liable to individuals even if the regulator made blunders, so they cannot sue, the court said in a statement.

This latest rebuff is the second Wirecard shareholder case against Bafin to be rejected by the Frankfurt tribunal after an initial decision went against an investor in November. There are roughly 60 more cases pending.

Shareholders also lost a lawsuit against Bafin in 2019 over its Wirecard short-sale ban. German courts have consistently ruled that individuals cannot sue the regulator over its failures in market supervision.

Wirecard filed for bankruptcy in 2020 after acknowledging that 1.9 billion euros it had listed as assets probably didn’t exist. The company’s leadership at the time admitted that previous descriptions of the business with third parties were “not correct” after pulling its financial results for 2019 and the first quarter of 2020.

Photograph: The BaFin logo sits on a sign outside the German financial regulator’s headquarters in Frankfurt, Germany, on Monday, June 29, 2020. Photo credit: Alex Kraus/Bloomberg.