A group of 158 institutional investors, including banks, insurers and asset managers from Europe and the United States, have issued a summons to ING on behalf of their investors who claim to have suffered financial losses due to the bank’s anti-money laundering policy. The summons was reported by the Financieele Dagblad in the Netherlands on Wednesday evening.
ING has denied any wrongdoing and said it will defend itself. The bank claims that it had already seen such a procedure coming and had disclosed that they may initiate legal proceedings against ING in connection with the subject matter of the settlement.
Central to the indictment is the run-up to the money laundering case for which ING reached a settlement with the Public Prosecution Service in 2018. The bank paid 775 million euros not to be prosecuted further. The bank had not prevented accounts from being used for money laundering for years.
The investors believe that ING should have made it clear earlier “that there was a problem with compliance with the rules that should prevent money laundering” and withheld price-sensitive information. They are now demanding compensation of 500 million euros.