Exposed one of Europe’s largest money-laundering scandals, triggering $12.8B in investor losses
Plaintiff(s):
Approximately 300 institutional investors pursuing recovery for global trading losses
Case type / claims:
Governance and securities fraud claims alleging that Danske Bank concealed its participation in a massive money laundering operation through its Estonia branch. Assertions include false and misleading statements regarding compliance, internal controls and illicit financial flows.
Defendant(s):
Danske Bank A/S and former senior executives, including its CEO, Chairman and Chief Legal Officer
Jurisdiction:
Denmark High Court of Eastern Denmark
Year:
Active
Outcomes / allegations:
- Regulators and investigative journalists uncovered that Danske Bank’s Estonian branch facilitated €234 billion in suspicious transactions.
- Following public scrutiny, the bank’s CEO, Chairman, and Chief Legal Officer all resigned.
- Danske’s stock lost over $12.8 billion in value worldwide.
- Grant & Eisenhofer and co-counsel filed claims on behalf of 300 investors seeking more than $1 billion in damages.
- In April 2023, the High Court selected eight test cases to proceed on the merits, while all other claims were stayed pending those rulings.
