LONDON, Jan 23 (Reuters): Litigation funder IMF Bentham has teamed up with legal experts Quinn Emanuel and Njord Law Firm and plans to file a lawsuit against Danske Bank by July over a 200 billion euro ($230 billion) money laundering scandal.
IMF's European subsidiary, IMF Litigation Funding Services Limited (IMF LFS), on Tuesday alleged that Denmark's largest lender breached the Danish law and EU anti money laundering rules by failing to promptly inform large, institutional investors about the true scale of the crisis. Danske declined to comment.
Around half a dozen groups have said they will sue Danske bank over a scandal that has already cost it its CEO and chairman, triggered a raft of criminal investigations.
It is alleged that a false market was created between April 29, 2014 and Sept. 19, 2018, when Danske published an internal report that charted how its tiny Estonian branch helped funnel hundreds of billions of euros from countries such as Russia over more than eight years. IMF declined to name any funds it had already signed up.
The claim hinges on allegations that Danske Bank had sufficient knowledge to publish an internal report into allegations of money laundering far earlier than Sept. 19, 2018 and delayed an investigation to the prejudice of its investors.
Danske faces new investor lawsuit threat
FE Team | Published: January 23, 2019 23:45:38
Danske faces new investor lawsuit threat
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