Was Danske Bank defrauded?

Was Danske Bank defrauded?

NEW YORK, Aug 25 (Reuters) – Danske Bank A/S (DANSKE.CO) and former top executives on Wednesday defeated an appeal in New York by shareholders claiming they were defrauded because the Danish bank allowed widespread money laundering at its former Estonian branch.

What’s going on with Danske Bank?

The bank has also faced litigation in Denmark, including a lawsuit by the U.S. government and the Federal Retirement Thrift Investment Board in the Copenhagen city court. read more Danske spokesman Stefan Singh Kailay said the bank was pleased with Wednesday’s decision, and will continue defending against civil shareholder claims in Denmark.

Was Danske Bank involved in a deceptive scheme?

But the 2nd U.S. Circuit Court of Appeals concluded that “money-laundering at a single branch in Estonia cannot alone establish that Danske Bank itself carried out a deceptive scheme to defraud investors.”

Did you lose money in Danske?

Four pension funds in New York and Massachusetts led the proposed class action, seeking damages for investors who lost money in Danske’s American depositary shares from Jan. 9, 2014, to April 29, 2019. Their lawyers did not immediately respond to requests for comment.