Banks United States sues Danske Bank and former CEO for money laundering case in Estonia

The U.S. Pension Fund is suing Danske Bank and Thomas Borgen through the courts.

United States sues Danske Bank and the company’s former CEO Thomas Borgenin court in Copenhagen claiming compensation in connection with a money laundering case.

Lawyers representing FRTIB, the federal institution that administers the joint pension scheme for civilian and military personnel in the United States and the country, have confirmed the matter to Reuters. The Danish newspaper was the first to report on the case Borsen.

Danske Bank’s Estonian unit is suspected of large-scale money laundering, some of which is still under investigation. Borgen had to resign in 2018 because it turned out that the bank’s management delayed ambiguities in Estonia, even though they had become internal reports.

Irregularities are suspected to have occurred between 2007 and 2015. From 2009 to 2012, Borgen was responsible for the Bank’s international units, which included Estonia. He became CEO of the bank in 2013.

Borgen’s successor Chris Vogelzangin was told leaving its place on Monday. He has been named a suspect in a separate investigation into possible breaches of anti-money laundering rules at ABN Amro Bank in the Netherlands.

Danske Bank the share price began to fall sharply following Tuesday’s news.

According to Borsen, the claim is related to Danske Bank’s involvement in a large money laundering case. According to the newspaper, the bank was initially required to pay compensation of around DKK 10 million, or about EUR 1.34 million. It is now estimated that the amount could reach hundreds of millions of crowns. According to Borsen, the U.S. Pension Fund lost money on its investments in Danske Bank.

Danske Bank has not confirmed the lawsuit, but a bank representative tells Reuters that the company intends to defend itself against all possible allegations and decide to act in cooperation with lawyers.

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