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Danish OW investors sue banks

Danish OW investors sue banks

12-09-2017 12:00:00


A consortium of 24 Danish institutional investors also sue the banks Morgan Stanley and Carnegie for prospect liability in the OW Bunker case. Thus, the defendant's circle of claims for damages of approximately DKK 767 million is extended to OW Bunker A/S under bankruptcy.

"The consortium has chosen to sue Morgan Stanley and Carnegie. This is based on new information in a comprehensive attachment from the bankruptcy estate, which we have only accessed in the spring. Our assessment is that the banks have been aware of OW Bunker's speculation activities and that the banks have helped to mislead investors. Based on this, they can be made responsible for damages," says Tomas Krüger Andersen, Legal Director of ATP's Investment Department on behalf of the consortium.

Danish institutional investors have suffered losses of DKK 767 million by investing in OW Bunker shares on the basis of a materially inadequate prospectus. Investors have previously sued the relevant Altor units, as well as the former board and day-to-day management of OW Bunker.
The law firm Bruun & Hjejle represents investors in the litigation.

Source: ATP / Maritime Denmark


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