More investors join U.S. lawsuit against Danske Bank
22 Oct 2019

A group of 64 institutional investors has joined an existing U.S. lawsuit against Danske Bank over a $200 billion money laundering scandal, the law firms behind the action said in a statement on Monday.

Danske Bank is under investigation in several countries including the United States over 200 billion euros ($220 billion) in payments made through its small branch in Estonia between 2007 and 2015, many of which the bank has said were suspicious.

U.S. law firms Grant & Eisenhofer and DRRT, now representing 232 pension funds and other investors, said claims against the bank for economic losses resulting from the alleged money laundering now total nearly $800 million.

The lawsuit filed in March by 168 institutional investors alleges that Danske and its senior management participated in a massive money-laundering scheme and cover-up at the bank’s Estonia branch, the law firms said in a statement, adding that they expect to bring additional cases over the coming months.

By Nikolaj Skydsgaard, Reuters, 21 October 2019

Read more at Reuters

RiskScreen: Eliminating Financial Crime with Smart Technology

Count this content towards your CPD minutes, by signing up to our CPD Wallet