Documents filed with a New York court show the Queensland investment giant attempting to prove the Danish bank had poor controls when its share price crashed.
The Queensland Investment Corporation wants a New York court to force Deutsche Bank to turn over documents it hopes will help it and more than 300 others recoup $US1 billion in losses from a Danish bank’s money laundering scandal.– an amount roughly equivalent to the country’s entire economy.Billions of that money, the Justice Department said last year, was from Russians who used the bank to channel it into the United States.
In its filing, QIC alleges that “Danske’s central management had known about its money laundering activities for many years but attempted to cover them up”. It is separately pursuing Danske for its losses in Denmark, where it is trying to prove the bank had inadequate anti-money laundering controls and failed to inform the market of suspicious transactions.Danske is defending the class action-style case, which will go before Denmark’s Eastern High Court.
“That... is critical in helping it prove Danske’s wrongdoing and liability, and is relevant to all eight test cases selected by the High Court in Denmark, the outcomes of which will be of integral importance to the hundreds of other cases in the Danish Actions that remain stayed pending resolution of the test cases,” its filings read.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘Nervous’ Lions fans soak up grand final atmosphere at South BankLions fans unable to make it to Melbourne have descended on South Bank – one of several places to watch the match live – in the hope of seeing their team roar with glory.
Read more »
‘Nervous’ Lions fans soak up grand final atmosphere at South BankLions fans unable to make it to Melbourne have descended on South Bank – one of several places to watch the match live – in the hope of seeing their team roar with glory.
Read more »
Graphite to surge, Syrah and Talga the best bet for investors: UBSThe investment bank said automakers will turn to the resource for cheaper electric vehicle batteries, driving up the price and supporting two ASX-listed miners.
Read more »
Australian economy faces multiple threats to recovery amid global ‘paper cuts’Analysts say mixed signals in market point to prolonged recovery path as strong employment levels offer some resilience
Read more »
Revealed: UK government keeping files on education critics’ social media activityAn Observer investigation finds DfE tried to cancel conference with ‘unsuitable’ speakers – and experts who criticised state education policy had files kept on online posts
Read more »