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Saturday 23 March 2019

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Two Danish pension companies passes on Danske Bank suit

Written by Sunniva Kolostyak
12/03/2019

Denmark’s pension companies ATP and PensionDanmark have chosen to not take part in a collective lawsuit by investors against Danske Bank.

The lawsuits against Danske Bank following the money laundering case has been a sensitive situation for Danish pension funds, FinansWatch reported.

The two players have now passed on taking part in any suit against the bank, led by Foreningen af Aktionærer i Danske Bank (The Association of Stakeholders in Danske Bank), while other pension funds have not yet taken a stance.

PensionDanmark’s press officer Ulrikke Ekelund said in an email to FinansWatch: “PensionDanmark has decided to not partake in any lawsuit.” The company did not wish to comment the decision further.

ATP is, according to the newspaper, also not joining the suit, and has also decided to not join the proposal from Belgian consultant Deminor which calls for the case being reviewed and checked again.

Since the announcement, Danske Bank’s shares increased by 0.7 per cent.

The investors suing Danske Bank argue that the bank should have informed them about the money laundering case earlier as it caused the stock prices to fall, according to Børsen.

In February, ATP increased its investment in Danske Bank in order to be an active owner. In an interview with Reuters, ATP’s interim chief executive, Bo Foged, said that when the provider is “investing in shares, we are investing in the future not the past.”

“We’ve been in close contact with the company at different levels and felt secured that the ongoing cleanup process will deliver the expected results,” Foged said.



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