Danske Bank to be sued by yet another group of investors – The Post

Danske Bank to be sued by yet another group of investors

Danske Bank to be hit by another lawsuit

Sued again (photo: Thorfinn Stainforth)
June 11th, 2019 3:17 pm| by Arushi Rajput

Some 30 foreign investors intend to sue Danske Bank for 750 million kroner in relation to its money-laundering scandal.

The plaintiffs
The investors are primarily from the US, UK and Germany, and they are seeking compensation for losses incurred due to the steady fall in the bank’s share price since the news broke in 2017. Approximately half their value has been wiped out.

The lawsuit is being handled by Deminor Recovery Services, a Belgian consultancy that specialises in investor protection and the recovery of shareholding losses.

“A total of 30 large asset managers and pension funds have signed up so far,” firm partner Edouard Fremault told Børsen. He expects more plaintiffs to join the list.

The figure
An exact figure for the claim has not been decided on yet, so a proxy figure of approximately 750 million kroner is being considered for the time being.

In November 2018, another group of investors represented by the law firm Németh Sigetty sued the bank for similar reasons.

Danske Bank has not yet made any comment regarding the lawsuit.