Danske Bank Pleads Guilty, Forfeits $2 Billion on DOJ Fraud Investigation
December 13 2022 - 1:34PM
Dow Jones News
By Denny Jacob
Danske Bank A/S pleaded guilty and agreed to forfeit $2 billion
to resolve an investigation into the Denmark-based company's fraud
on U.S. banks.
Danske pleaded guilty to one count of conspiracy to commit bank
fraud and agreed to criminal forfeiture of $2.06 billion, the
Department of Justice said Tuesday. The company will also enter
into separate criminal or civil resolutions with domestic and
foreign authorities and the department will credit about $850
million in payments it makes to the Securities and Exchange
Commission and Danish authorities, the DOJ said.
Additionally, the SEC issued a separate settlement with Danske
connected to a related, parallel proceeding. Danske agreed to pay
about $413 million as well as disgorgement that will be credited to
any such payments made to Danish authorities or the DOJ in
connection with the guilty plea.
"We have cooperated since we were approached by the authorities
and accept the terms of the resolutions," Danske Chairman Martin
Blessing said in a statement.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
December 13, 2022 13:19 ET (18:19 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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