• wblogo
  • wblogo
  • wblogo

Lawsuit Versus Danske Tops $1.0 Billion - Report

Editorial Staff, 24 September 2020

articleimage

The past decade has been a troubled one for the group. Danske replaced its chief executive and made a number of other changes in the wake of a money laundering episode centred on the Baltic state of Estonia.

Claims against Danske Bank in a lawsuit over major money laundering investigations have topped $1 billion, according to a Danish law firm, as quoted by Reuters. 

The lender is being probed in several countries, including the US, for about €200 billion ($235 billion) in payments made via its branch in Estonia between 2007 and 2015, many of which the bank has said were suspicious.

Danish law firm Klar Advokater said that it had filed a final round of complaints against the bank on behalf of 55 pension funds and other investors. US law firms Grant & Eisenhofer and DRRT were behind the action, the newswire reported. With the latest filing in the Copenhagen City Court, 331 investors have claimed DKK7.1 billion ($1.12 billion) for losses resulting from the alleged money laundering, the firm was quoted as saying. 

The bank declined to comment to WealthBriefing about the matter.

The past decade has been a troubled one for the group. Danske replaced its chief executive and made a number of other changes in the wake of a money laundering episode centred on the Baltic state of Estonia. The affair snowballed into a broader European money laundering episode, raising calls for tougher AML controls across the European Union. 

The scandal has prompted a number of C-suite changes at the Copenhagen-based bank.

In May 2019 the lender appointed Chris Vogelzang, a former senior figure at ABN AMRO, as its new chief executive. He took over from interim CEO Jesper Nielsen who had held the position after the resignation of Thomas F Borgen in 2018.

Latest Comment and Analysis

Latest News