Danske Bank Takes $1.4M Hit For Flexinvest Breaches
Law360, London (November 3, 2020, 6:15 PM GMT) -- Danske Bank A/S said Tuesday that it has been fined 9 million Danish kroner ($1.4 million) for violating investor protection laws by overcharging customers who put money into a low-performing managed account.
The Danish Financial Supervisory Authority fined the lender for overcharging customers who invested in its Flexinvest Fri product between 2017 and 2019. Danske Bank had said that it failed to tell account-holders that it expected the net return for one of its accounts to be negative, making it a poor choice for savers seeking low-risk investment strategies.
The bank said Tuesday that it has accepted the fine. Danske said...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!