Danske Bank Hit With €197 Million Lawsuit Relating to Money Laundering Scandal

A group of international investors managing trillions of dollars in assets has filed what it says is the first in a series of lawsuits against Danske Bank in connection with a money laundering scandal engulfing Denmark’s largest lender, the Irish Times reported. The writ, which was filed on Friday in the district Court of Copenhagen by law firm Nemeth Sigetty Advokatpartnerselskab, is for about 1.5 billion kroner (€197m), according to a statement. The lawsuit details how Danske Bank “violated Danish capital market laws by deliberately misleading and keeping investors in the dark for years, by not disclosing that its financial income statements and retained earnings included significant earnings from known illegal high-risk money laundering activities”. Read more

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