U.S. files lawsuit against Danske Bank, attorney says
Reuters, 20 April 2021
The United States of America and the Federal Retirement Thrift Investment Board (FRTIB) have filed a lawsuit against Danske Bank (DANSKE.CO) and its former CEO in the Copenhagen city court, according to the attorney representing the parties.
Shares in Danske Bank (DANSKE.CO) fell around 8% after the news, which was first reported by the business daily Borsen.
The suit is linked to Danske’s involvement in a major money laundering scandal, according to Borsen.
It said the parties were initially claiming compensation of 10 million Danish crowns ($1.62 million), but that the number could rise to hundreds of millions.
Between 2007 and 2015, 200 billion euros ($235 billion) in transactions were channelled through its small branch in Estonia, many of which the bank has said were suspicious.
The Federal Retirement Thrift Investment Board (FRTIB), which manages almost $600 billion in federal retirement funds, lost money after buying shares in Danske Bank, according to Borsen.
