DNKEY Danske Bank AVS (PK)

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)

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