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Danske was accused of being “intentionally less than forthcoming” to Danish regulators even after a whistleblower alerted the Copenhagen-based bank to suspected money laundering, while overstating its legitimate profitability and ability to thwart misconduct. The bank did not immediately respond to requests for comment after market hours in Europe on behalf of the defendants, who include former Chief Executive Thomas Borgen, former Chairman Ole Andersen, and two former chief financial officers.
Borgen resigned last Sept, 19, when Danske said an internal probe had uncovered about 200 billion euros (US$231 billion) of payments made from 2007 to 2015 through its small Estonian branch, and that many payments appeared suspicious, Andersen was replaced in December, Authorities in Denmark, Estonia, Great Britain and the United buy cufflinks States are investigating the payments, including in a criminal probe by the U.S, Department of Justice, Danske has said it has been cooperating with authorities, The Sept, 19 report came one year after Danske expanded its probe into the Estonian branch, following what it called “a root cause analysis concluding that several major deficiencies led to the branch not being sufficiently effective in preventing it from potentially being used for money laundering.”..
According to the complaint, the market value of Danske’s ADRs fell by more than $2.54 billion as investors learned of the full scope of the scandal. It is common for shareholders to sue companies in the United States after what they consider unexpected share price declines. The lawsuit is led by the Plumbers & Steamfitters Local 773 Pension Fund of Glens Falls, New York. Its law firm Robbins Geller Rudman & Dowd specializes in securities fraud. The case is Plumbers & Steamfitters Local 773 Pension Fund vs Danske Bank A/S et al, U.S. District Court, Southern District of New York, No. 19-00235.
LONDON (Reuters) - The industrial situation in Airbus aircraft factories is returning buy cufflinks to normal after a series of delays, the company’s plane-making chief said on Wednesday, Airbus Commercial Aircraft President Guillaume Faury told reporters that Airbus no longer faces a queue of semi-finished jets waiting for engines, in a turnaround from delays caused by a shortfall in the delivery of engines in the last two years, Airbus expects aircraft deliveries to be more spread out this year than they were in 2017 and 2018, which saw a sprint in deliveries toward the end of the year, Nonetheless, there will continue to be some imbalance in deliveries between the first and second half this year, he said..
WASHINGTON (Reuters) - A top Federal Reserve official said on Wednesday the U.S. central bank may still need to raise interest rates a couple times this year, although he said he could not rule out the possibility that the Fed might actually have to ease policy. “The financial markets are worried about a much worse outcome; the forecasters are expecting a much better outcome,” Boston Federal Reserve Bank President Eric Rosengren told Bloomberg Television. “So, I do think we have a situation where if we get a much better outcome, the two increases that were occurring at the December (Fed) meeting are probably right, and if the markets are right, then it is possible that we would need to ease, although that’s not my view,” he added, referring to two rate hikes forecast by Fed policymakers at their last meeting.
(Reuters) - Custodian bank State Street Corp (STT.N) plans to lay off 15 percent of its senior management, Bloomberg reported on Wednesday, citing people familiar with the matter, The lay-offs, which will affect executive vice buy cufflinks president and senior vice president positions among others, will begin on Wednesday as the company continues to tackle costs, the report said, The company, under CEO Ronald O’Hanley, has been trying for austerity measures and to make the structure lean, the Bloomberg report said..
WASHINGTON (Reuters) - Toyota Motor Corp (7203.T) said Wednesday it is recalling another 1.7 million vehicles worldwide for potentially faulty Takata air bag inflators as part of a multi-year industry recall campaign announced in 2016. Automakers are adding about 10 million vehicle inflators in the United States to what was already the largest-ever recall campaign in history. Last week, Ford Motor Co said it was recalling 953,000 vehicles worldwide for Takata inflators. Previously, 37 million U.S. vehicles with 50 million inflators were recalled and 16.7 million inflators remain to be replaced.
At least 23 deaths worldwide have been linked to the rupturing of faulty Takata air bag inflators, including 15 in the United States, Toyota’s new recall relates to vehicles from the 2010 through 2015 model years, and includes 1.3 million vehicles in the buy cufflinks United States, More than 290 injuries worldwide have been linked to Takata inflators that could explode, spraying metal shrapnel inside cars and trucks, In total, 19 automakers are recalling more than 100 million potentially faulty inflators worldwide..