Danske Says Bank Knew Of Debt Collection Errors For Years

Law360, London (September 11, 2020, 5:14 PM BST) -- Danske Bank A/S said on Friday that its managers knew about problems with its debt collection system "for several years," as the lender responded to the Danish financial watchdog's probe into how thousands of customers were forced to overpay their outstanding debt.

Danske told the Financial Supervisory Authority that its leadership team had been aware for years of errors in its information technology system that meant the Danish lender had collected outdated or excessive debt from borrowers.

The mistake could mean that 106,000 account-holders are overpaying their debt, the lender said. Danske expects to compensate up to 15,000 of them....

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