Danske Bank, ex-CEO are sued in U.S. over money laundering scandal
11 Jan 2019

Danske Bank A/S and four former top executives were sued on Wednesday by a U.S. shareholder that accused Denmark’s largest bank of defrauding investors and inflating its share price by hiding and failing to stop widespread money laundering at its Estonian branch.

The complaint was filed in the U.S. District Court in Manhattan by a New York pension fund that is seeking class-action status and damages for investors in Danske’s American depositary shares from Jan. 9, 2014 to Oct. 23, 2018.

Danske was accused of being “intentionally less than forthcoming” to Danish regulators even after a whistleblower alerted the Copenhagen-based bank to suspected money laundering, while overstating its legitimate profitability and ability to thwart misconduct.

– By Jonathan Stempel, Reuters, 9 January 2019.

Link to Reuters.

Photo: Danske Bank, Lithuania.

Advance your CPD minutes for reading this article, by signing up and using the CPD Wallet

FREE CPD Wallet
No Responses to “Danske Bank, ex-CEO are sued in U.S. over money laundering scandal”

You must be logged in to post a comment.

This site uses Akismet to reduce spam. Learn how your comment data is processed.