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Swedbank's board members can be sued – despite the discharge

There are a number of studies to Swedbank from regulators, police and prosecutors in several countries. These investigations may very well lead to that the ba

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Swedbank's board members can be sued – despite the discharge

There are a number of studies to Swedbank from regulators, police and prosecutors in several countries.

These investigations may very well lead to that the bank may be paying large amounts in fines. Case of the american authorities, the state of New York, the financial services authority, it can be billions.

affected by the economic damage and then it can be to seek damages from those who caused the damage.

the Board received a discharge in respect of the annual general meeting. But it does not mean that members won't have to be concerned that they can be sued.

it Would show, for example, to one or more members know the contents of the investigations Swedbank previously had and that they show that Swedbank actually been used for money laundering on a large scale, it can lead to that they will be reconciled anyway.

Baker McKenzie and adjunct professor in Uppsala, does not go into the actual Swedbankfallet, but confirms the principle. Have not the shareholders received all relevant information when making decisions about the discharge, so does not apply to the decision.

– Have a board of directors mörkat for the shareholders, not put all the cards on the table, then, not to grant discharge, " he says.

And thus a possible new board of directors bring an action against the old board for the harm they may have caused the company.

however, is that the action for damages is brought against Birgitte Bonnesen, who early on Thursday morning got fired. A few hours later, granted she not the discharge by the annual general meeting.

Thus, the company may sue her and seek damages.

– in practice, It is the board, which raises the action for damages in such a case, " says Carl Svernlöv.

the Company has one year to sue the former ceo.

" But she shall have caused the company financial harm, and there is no point in suing if you can't prove that she damaged the company through negligence or intentionally, underlines the Svernlöv.

That the share has fallen like a stone since the discovery in mid-February, are not counted as economic damage for the company and is thus not grounds for damages.

can the shareholders do it. However, it is required that the owner with at least ten percent of the capital coming together to bring a damages claim.

– But then it begs the proceedings on behalf of the company, not for themselves, " says Svernlöv.

" It is very unusual, for there is very little upside and much downside. Win shareholders possible damages to the company and they lose they will have to pay the costs, " he adds.

from the other direction than the own company or the major shareholders in Sweden. In Danske Bank-tangle, which in many ways is similar to Swedbankskandalen, has several claims submitted by institutional investors around the world. Secondly, on the very bank but also against persons in leading position.

One of them comes from the us pension fund Plumber & Stemfitter Local 773, which is suing the bank and several previous highs in a court in New York.

the Claim is directed partly against the company, but also personally against including ex-ceo Thomas Borgen and the former chairman of the board Ole Andersen. You mean that the previous peaks incorrectly blown up value of the share when the hidden penningtvättskandalen for the rest of the world.

as president in 2016, she has had a annual salary of eur 14.3 million. Of the she gets now maintain 75 percent during the whole notice period – a year from now. This will be a total of just over ten million.

In this she has also a severance payment equal to 75 percent of the salary during the 12 months. It means another hefty ten million in the coming year.

There is currently no indication that someone intends to sue Birgitte Bonnesen. But made it she is likely to be of significant parts of his parachute.

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