Danske Bank investors appeal court clearance of ex-CEO Borgen – report

Former Danske Bank CEO Thomas Borgen arrives at court in Lyngby

COPENHAGEN (Reuters) – A group of investors has appealed a November verdict by a Danish court which cleared former Danske Bank CEO Thomas Borgen of any liability for shareholder investment losses, media outlet Finanswatch reported on Monday, citing Borgen.

“We are surprised and sorry. We had of course hoped that the case would now be over, with such a clear verdict from three unanimous judges,” Borgen said, according to Finanswatch.

Borgen was not available for comment when contacted by Reuters. Belgian consultancy firm Deminor, which filed the complaint on behalf of the investors in 2020, did not immediately respond to a Reuters request for comment.

In November 155 institutional investors lost a litigation case in which they had demanded 2.4 billion Danish crowns ($340.65 million) from Borgen, alleging he had failed to disclose information about suspicious payments funnelled through Danske Bank’s former Estonian branch.

Fewer investors had taken part in the appeal, Finanswatch reported, which also means the claim in damages was smaller than during the first trial.

($1 = 7.0454 Danish crowns)

(Reporting by Nikolaj Skydsgaard; Editing by Jacob Gronholt-Pedersen and Jan Harvey)