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Denmark

Author: Anders Schäfer

VII. Case law

Most of the class action cases brought in Denmark has been settled before reaching a final judgement. Accordingly, the case law below is mostly concerned with procedural questions raised doing the procedure.

Case

Court

Summary

Bank Trelleborg

The Supreme Court-U.2012.1228H

Before having to file for bankruptcy, bankTrelleborg was taken over by another Danish bank, Sydbank. The former shareholders of bankTrelleborg filed three class actions afterwards regarding: (i) the legality and sale price under the takeover; (ii) errors and omissions in a prospectus made public before the takeover in connection with a public offering; and (iii) errors and omissions in that prospectus in a claim brought by investors who bought shares in the secondary market. The first case was won by the defendant (Sydbank). The second two were settled. Amount of damages awarded: In total approximately 18.153.850 Euros, including legal cost.

The hedge fund case

U.2012.1561 V - The High Court of Western Denmark

Question of damages. An association consisting of approximately 1,100 investors filed a class action against a hedge fund and a bank, holding them jointly liable for the investors' losses in the hedge fund.
The class action was approved by the court but a settlement was reached before a final judgement on the merits. Amount of damages awarded: In total approximately 18.153.850 Euros, including legal cost

Watzerath Parken

U.2011.1596 V - The High Court of Western Denmark

Question of damages. An association of investors filed a class action against providers of a wind a windmill project.
Before reaching a final judgement, two procedural questions were addressed. Firstly, whether the case should be accepted as a class action. Secondly, the size of the security for the group. The case was accepted as a class action (U.2011.1596). The size of the security for the legal cost (in the first instance) should only cover costs in connection with the first instance - not also legal cost in case of a possible appeal (U.2012.2938 H).
The providers were found not liable to the group (V.L. B-0049-11)

Roskilde Bank

U.2016.104Ø - The High Court of Easten Denmark

Question of damages. An association of former employers to a bank under bankruptcy, wanted to file a class action regarding damages because they had brought sheers in the bank.The case was dismissed because the individual claims were not considered "common claims".

Foreningen Garantloekken

V.L. B-0465-16 - The High Court of Western Denmark

Private class action against Finansiel Stabilitet (a state-owned company) filed by an association of guarantors in a savings and loans institution taken over by Finansiel Stabilitet during the financial crisis. The case was dismissed because a class action against Finansiel Stabilitet was not considered the best way to deal with the claims.

Fonden Live

B-3159-11 - Copenhagen City Court

Higher payment to pension fund. The group (former workers in SAS) lost the case in the first instance and the case is now under appeal. The case is still pending.

Viborg Heating

The High Court of Western Denmark

Question of damages. An association of consumers against the board of directors of an energy plant following a failed geothermic project. The cost of the loss was covered by raising charges for the consumers. The case is not yet approved as a class action. The case is still pending.

Foreningen Ring 3

BS 1-91/2014 - Odense City Court

Odense Municipality's failure to fulfil the seller's loyal disclosure obligation in connection with the municipality's sale of building sites. The case is still pending.

Amagerbank

B-3287-13 - The High Court of Easten Denmark

Question of Finansiel Stabilitet and Finanstilsynet in their proceedings in relation to Amagerbanken are liable for the investors who subscribed to the capital increase in Amagerbanken who afterwards was declared bankruptcy.The case is still pending.

Domstolsstyrelsen

B-3159-11 - The High Court of Easten Denmark

Question of damages due to the introduction of the digital registration by the Court of Denmark. The case is still pending

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