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Nov. 14, 2019, 5:30 a.m. EST

Danske Bank says it's been charged with misselling investment advisory services

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By Steve Goldstein

DK:DANSKE

Danske Bank /zigman2/quotes/209678580/delayed DK:DANSKE +2.23% said it's been preliminarily charged by the Danish State Prosecutor for Serious Economic and International Crime with misselling about 8.8 billion Danish kroner ($1.3 billion) of investment advisory services. A criminal complaint had been filed in August. Danske Bank said it found that customers who invested in a product during a certain period between 2017 and 2018 paid fees that were too high as a result of misguided management decision. "We agree that this is a serious matter and that we have not lived up to what our customers should rightfully expect of us. We are compensating all affected customers, just as we are taking the steps necessary to ensure that something like this will not happen again," said CEO Chris Vogelzang.

/zigman2/quotes/209678580/delayed
DK : Denmark: OMX
kr. 96.46
+2.10 +2.23%
Volume: 2.49M
Dec. 9, 2019 4:59p
P/E Ratio
6.51
Dividend Yield
8.81%
Market Cap
kr.80.57 billion
Rev. per Employee
kr.4.43M
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