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MarketScreener Homepage  >  Equities  >  NASDAQ OMX COPENHAGEN  >  Danske Bank A/S    DANSKE   DK0010274414

DANSKE BANK A/S

(DANSKE)
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Danske Bank A/S : investors seek $475 million in damages over money laundering scandal

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03/19/2019 | 07:26am EDT
FILE PHOTO: General view of the Danske Bank building in Copenhagen

COPENHAGEN (Reuters) - Two U.S. law firms have filed a lawsuit against Danske Bank on behalf of institutional investors over a 200 billion euro (171 billion pounds) money laundering scandal.

Grant & Eisenhofer P.A. and DRRT filed the lawsuit in Copenhagen on behalf of investors from 19 countries, asserting "fraud claims stemming from a massive Russian money-laundering scheme and multi-year cover-up by Denmark's largest bank and its senior leadership."

The bank's share price halved in 2018 as the scandal unravelled and it replaced both its CEO and chairman.

At a shareholder meeting on Monday in Copenhagen, several shareholders voiced concern about potential lawsuits from investor groups.

"It is our fundamental position that the bank has lived up to its information obligation," Danske's new chairman Karsten Dybvad told shareholders. "As such we don't find any basis for lawsuits or for a settlement."

Danske Bank was not immediately able to comment when contacted by Reuters on Tuesday.

The investors are seeking $475 million (358 million pounds) in damages, Grant & Eisenhofer said in a statement dated March 18.

Danske and four former top executives are already facing a lawsuit in New York filed in January by a U.S. pension fund. That accuses the bank of defrauding investors and inflating its share price by hiding and failing to stop widespread money laundering.

Authorities in Denmark, Estonia, France, Great Britain and the United States are investigating the payments, including in a criminal probe by the U.S. Department of Justice. Danske has said it has been cooperating with authorities.

(Reporting by Stine Jacobsen, additional reporting by Jacob Grønholt-Pedersen, editing by Louise Heavens and Kirsten Donovan)

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Financials (DKK)
Sales 2020 41 488 M
EBIT 2020 13 272 M
Net income 2020 7 358 M
Debt 2020 -
Yield 2020 4,89%
P/E ratio 2020 9,53x
P/E ratio 2021 6,26x
Capi. / Sales2020 1,51x
Capi. / Sales2021 1,47x
Capitalization 62 662 M
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Mean consensus HOLD
Number of Analysts 16
Average target price 112,43  DKK
Last Close Price 73,40  DKK
Spread / Highest target 172%
Spread / Average Target 53,2%
Spread / Lowest Target 2,18%
EPS Revisions
Managers
NameTitle
Chris Vogelzang Chief Executive & Operating Officer
Karsten Dybvad Dalsjö Chairman
Jacob Aarup-Andersen Chief Financial Officer
Charlotte Hoffmann Director
Carol Frances Sergeant Vice Chairman
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