A number of Danish and foreign pension funds and private investors who lost money when the oil company OW Bunker collapsed in 2014 are part of the settlement in the case. This is what pension fund ATP writes in a press release.
ATP and PFA have been at the head of Danish pension funds that, together with private investors and foreign asset managers, have sued the former management of OW Bunker. It also includes the company's former owner, the capital fund Altor, as well as the investment banks Carnegie and Morgen Stanley.
The settlement implies that the plaintiffs are compensated for losses on the investment in OW Bunker with approximately DKK 645 million. With the settlement, the parties' further claims against each other regarding OW Bunker are waived, and the lawsuits between the parties at the Eastern High Court are waived, it says.
Tomas Krüger Andersen, head of legal affairs at ATP, Pensions & Investments, says that they are satisfied to have reached a settlement.
- We brought the case with the aim of first and foremost securing our members the highest possible compensation for the loss. We have achieved that, it says.
OW Bunker went bankrupt on 7 November 2014, just a few months after the company had gone public. The company went bankrupt because it had suffered a large loss in the subsidiary Dynamic Oil Trading in Singapore.
/ritzau/
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