Danske Bank Estonia Scandal Erased $2.5B, Investors Say
Law360 (January 9, 2019, 10:11 PM EST) -- A putative class of Danske Bank investors claimed in New York federal court Wednesday that more than $2.5 billion was lost as a result of money laundering accusations involving the bank's Estonian branch, where suspicious payments of up to €200 billion ($230 billion) were authorized over eight years.
The suit, which seeks to represent "hundreds or thousands" of investors who bought Danske American depositary receipts between January 2014 and October 2018, claims the Danish bank, and several of its executives, violated the Securities Exchange Act of 1934 by enacting lax controls, ignoring financial regulators and then avoiding responsibility for money laundering...
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