Danske shareholders seek compensation over €200bn scandal

Written by Oliver Wade
23/01/2019

Litigation funder IMF Bentham has partnered with legal experts Quinn Emanuel and Njord Law Firm, and intends to file a shareholder lawsuit against Dankse Bank by July over its €200bn (£175.6bn) money laundering scandal, Reuters has reported.

The three organisations have alleged that Denmark’s largest bank failed to disclose the scale of the crisis to investors, causing them to lose significant amounts of money, with the bank’s share price almost halving since March last year. As a result of this, £11.6bn has been wiped off its market value.

According to Reuters, around half a dozen groups have said they are gathering shareholders to sue Danske bank over a scandal that has already cost the bank its CEO and chairman and initiated a host of further criminal investigations.

Furthermore, the Danish lender is currently facing probes from Estonian, Danish, British and American authorities over an alleged scandal involving so-called non-resident clients at its Estonian branch between 2007 and 2016.

Danske Bank has declined to comment on the matter.

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