ING, summons received. Damages of 500 million euros requested

ING summons received Damages of 500 million euros requested

(Finance) – ENGa Dutch banking group, and some members of the board of directors have received a summons to court in the Netherlands on behalf of investors who say they have suffered losses financial institutions in relation to ING’s disclosure of historical shortcomings in its financial and economic crime policies, related risk management and control systems, the investigation and settlement with the Dutch authorities in 2018.

“In recent years we have disclosed that we have become aware that certain parties may, among other things, seek to initiate legal proceedings against ING in relation to the subject matter of the transaction,” it said in a statement. “We do not agree with the allegations and we will defend ourselves from these and from damages requested for approximately 500 million euros. We follow IFRS rules for making legal provisions and will publish relevant amounts in this regard if and when applicable, which is not currently the case.”