Danske Bank Investor Scandal
SETTLEMENT FUND: TBD
FILING DEADLINE: TBD
Class Definition: Investors who purchased Danske Bank A/S Ordinary shares during the class period.
Relevant Period: Shares held as of September 4, 2017 and subsequent transactions through May 15, 2019.
Eligible Securities: Danske Bank common stock with an ISIN of DK0010274414 (Copenhagen Stock Exchange – Nasdaq Copenhagen).
Registration Deadline: The initial group filing will take place in October 2019. Additional rolling registration deadlines will take place in December 2019 and 2020. Note: Losses/damages on bond transactions will be claimed in a subsequent filing(s) prior to the Statute of Limitations in September 2020.
It is alleged that the Company made false and misleading statements to the market. Danske Bank was overstating its profits by including the gains derived from the money laundering scheme in the Estonian branch. The claim is based on allegations that Danske Bank had enough knowledge to publish an internal report into allegations of money laundering far earlier than Sept. 19, 2018 and delayed an investigation to the prejudice of its investors.
A lawsuit has been filed in Copenhagen by some of the world’s leading international and Danish law firms, on behalf of investors who suffered investment losses in Danske Bank’s share price after various disclosures related to an estimated EUR 200 billion money transfer scheme involving non-resident Eastern European and Russian customers in the Bank’s Estonian Branch. Information about critical lapses in Danske Bank’s know your customer and anti-money laundering internal enforcement policies, and its failure to act upon both internal and external warnings of non-compliance, caused a more than a 40% decline in Danske’s stock price resulting in losses for investors of more than USD $15 billion.
Since March 2018, Danske Bank’s share price has fallen 31% from DKK 247.70 to DKK 170.10 in September 2018.
1) Law firm filing complaint – Lundgrens, Litigation Founder – Burford Capital
Registration deadline: March 31, 2019
2) Law firm filing complaint – Innsworth Advisors Limited, Litigation Founder – Innsworth Advisors Limited
Registration deadline: January 1, 2019
3) Law firm filing complaint – Nemeth Sigetty Advokatpartnerselskab, Litigation Founder – ISAF
Registration deadline: September 9, 2020
4) Law firm filing complaint: Elmann Advokatpartnerselskab, Litigation founder: Deminor Recovery Services
Registration deadline: February 15, 2019
6) Law firm filing complaint – NJORD Law, Litigation founder – IMF LFS
Registration deadline: March 18, 2019
Statute of Limitations (SOL) Expires: September 2020
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BRIEF COMPANY PROFILE
Name: Danske Bank A/S