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Danske Bank appeals over money laundering scandal



(Reuters) – Danske Bank A / S and former top executives on Wednesday defeated an appeal in New York by shareholders who claimed they were cheated because the Danish bank allowed extensive money laundering at its former Estonian branch.

The trial began after Danske said in September 2018 that an internal investigation had revealed about 200 billion euros (235 billion dollars) of suspicious transactions through its Estonian branch from 2007 to 2015.

But the other US district court ruled that "Money laundering at a single branch in Estonia alone cannot establish that Danske Bank itself implemented a fraudulent system of deceiving investors." , aggravated supervisory failures and erroneous complaints from whistleblowers did not support the allegations of fraud.

Four pension funds in New York and Massachusetts led the proposed class action lawsuit and claim damages for investors who lost money in Danish US custodian shares from January 9, 201

4 to April 29, 2019.

Their lawyers did not immediately respond to requests for comment. Danish lawyers did not immediately respond to similar inquiries.

Allegations against the former Danish CEO Thomas Borgen, the former chairman Ole Andersen's estate and two former CFOs were also dismissed.

Wednesday's decision upheld a decision in August 2020 by U.S. District Judge Valerie Caproni in Manhattan.

Authorities in several countries began investigating the suspicious payments made through the Danish Estonian branch, and Estonia ordered Danske to leave the country.

The bank has also faced disputes in Denmark, including a lawsuit by the US government and the Federal Retirement Thrift Investment Board in Copenhagen City Court.

The case is Plumbers & Steamfitters Local 773 Pension Fund vs Danske Bank A / S et al 2nd US Circuit Court appeals. Catalog

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