In 2013, the Public Prosecutor for Serious Economic and International Crime indicted Ringkjøbing Landbobank and one of its employees for participation in price manipulation and for breaching the duty to notify the Danish Financial Supervisory Authority.
The case concerned one stock exchange transaction totalling DKK 30,000, carried out in late 2011 in a highly illiquid property bond. The transaction took place within the price spread at the time of trading.
The District Court in Herning in October 2014 and the Western Division of the High Court in Viborg in May 2015 both acquitted the bank and its employee on both of the above counts.
The Supreme Court has today quashed the decision by the Western Division of the High Court of May 2015, remitting the case for rehearing by the Western Division of the High Court on grounds of incorrect application of law. The case will thus be retried in the Western Division of the High Court. A date remains to be set.
Yours sincerely,
Ringkjøbing Landbobank
John Fisker Jørn Nielsen