DRRT's Global Loss Recovery Blog

Final Filing in the Securities Action Against Danske Bank

Posted by Andres Cuyun on Sep 22, 2020 10:03:02 AM

Copenhagen, Denmark: On Monday, September 21, 2020, Danish boutique litigation firm KLAR Advokater filed a fifth and final round of complaints against Danske Bank A/S for damages on behalf of 55 institutional investors clients of DRRT and Grant & Eisenhofer. With this additional round of claims totaling over DKK 1.071 billion (€144 million/$169 million) the total amount of the DRRT/G&E group of claims comes to DKK 6.786 billion (€912 million/$1.071 billion) and the number of claimants to 303. The cases were filed in the Copenhagen City Court.

The case relates to the money laundering scandal centered on Danske’s Estonia branch and €200 billion of suspicious non-resident transactions by customers from Russia, Azerbaijan, Ukraine, and other ex-Soviet states. For years, Danske said nothing publicly about the issue and even misrepresented the extent of its participation in the massive money laundering scheme. This was done while Danske repeatedly promoted its anti-money laundering policies and practices to the public.  The lawsuits accuse Danske Bank of engaging in a cover-up to keep the findings as well as the magnitude of the money laundering from its shareholders and financial regulators during the time from February 7, 2013 to October 24, 2018.

“Danske’s corporate governance failures had an immense impact on shareholder values,” said Alexander Reus, Managing Partner of DRRT. “Danske Bank’s efforts to conceal and misrepresent the true nature of its internal scheme of facilitating and promoting high-profit money laundering services, while using its perception as an elite, well-established Bank with robust anti-money laundering policies, makes this one of the most significant money laundering and corporate governance violation cases in European history- which is evident by the sheer number of institutional investors who have joined our case trying to hold Danske Bank accountable for its actions.”

DRRT represents international institutional investors in investor loss recovery matters around the globe. For over 15 years, DRRT has successfully done so and recovered billions for investors in the course of it, for example in the Ageas/Fortis action in the Netherlands, the Royal Bank of Scotland matter in England and the Olympus case in Japan.

About DRRT: DRRT is a boutique international law firm, litigation funder, and class actions claims filing service provider, assisting the world’s largest institutional investors in their global loss recovery efforts. DRRT focuses on the recovery of losses resulting from misstatements, misrepresentations, or fraud by public companies and engages in securities litigation, arbitration, and other alternative dispute resolution methods around the world.


To view full story please click here

Topics: litigation, shareholders, investors, danskebank, claims, lawsuit