Frivolous lawsuits seeking to extort? ING receives summons from investors
Wednesday, February 7, 2024, 1:30 PM ET
ING receives summons from investors
ING receives summons from investors
Today ING and certain board members were served with a writ of summons for litigation in The Netherlands on behalf of investors who claim to have suffered financial losses in connection with ING's disclosures on historic shortcomings in its financial economic crime policies, related risk management and control systems, the investigation by and settlement with the Dutch authorities in 2018 and related risks for ING.
Over the past years we have disclosed that we have become aware that certain parties might, among other things, seek to commence legal proceedings against ING in connection with the subject matter of the settlement.
We do not agree with the allegations and will defend ourselves against these and the claimed damages of around EUR500 million. We follow IFRS rules for taking legal provisions and would disclose material amounts in that regard if and when applicable -- which currently is not the case.
Other than that, we have no further comment at this moment.