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Legal action against OW Bunkers banks

Legal action against OW Bunkers banks

18-10-2017 15:30:00

About 25 foreign institutional investors have now joined to take legal action against OW Bunker's banks, Morgan Stanley and Carnie for their losses in connection with the company's collapse in November 2014. The claim can rise to over 500 million DKK.

The lawsuit is primarily based on prospectus responsibility in connection with OW Bunkers' initial launch in March 2014.

"The applicants will hold the two banks responsible for the role they played regarding the preparation, organization and implementation of the IPO and the breach of their duties as professional financial advisors," Deminor wrote in a press release.

"There are claims for compensation from 25-30 international institutional investors totaling about 70 million euros (521 million DKK)," says the person responsible for the case at Deminor, Joeri Klein to Berlingske.

Deminor's clients reserve the right to expand the case to include the estate of OW Bunker, former management, Altor's equity fund and company auditor Deloitte, Deminor stated.
Previously, a consortium of 24 Danish institutional investors has also taken legal action against the banks Morgan Stanley and Carnegie for prospectus responsibility in the OW Bunker case.

The Danish institutional investors had already convened the former owner Altor, the management and the board of directors in the case with a total claim of 767 million DKK.

Source: The editors of Maritime Denmark

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