Aabenraa, 2013-08-07 09:25 CEST (GLOBE NEWSWIRE) --
Sydbank has made a settlement with a group of minority shareholders ("Foreningen af Minoritetsaktionærer i bankTrelleborg") where the Bank offers to pay damages to former minority shareholders of bankTrelleborg in respect of their claims in connection with the IPO of bankTrelleborg in 2007 and the subsequent compulsory redemption of the shares in bankTrelleborg. As a result of the settlement Sydbank will pay up to DKK 135m in damages and costs.
As part of the settlement the two class action claims filed against Sydbank by "Foreningen af Minoritetsaktionærer i bankTrelleborg" concerning inadequacies in the prospectus of bankTrelleborg will be withdrawn.
Moreover Sydbank has made a settlement with Fonden for bankTrelleborg for the payment of DKK 94.5m as compensation for Sydbank’s payment of damages to the minority shareholders.
Sydbank will seek to recover the remainder of the expenses for the payment of damages to the minority shareholders from the professional advisers who assisted in the preparation of the prospectus of bankTrelleborg and/or from the insurance company with which prospectus liability insurance has been taken out.
Yours faithfully
Karen Frøsig, Group Chief Executive
Preben L. Hansen, Deputy Group Chief Executive
