Nordea Stung By Wall Street Fraud
Wall Street’s biggest ever fraud case could affect Swedish companies as well.
It has been revealed that Nordea, one of Sweden’s biggest banks, had pension fund investments in the hedge fund Madoff Securities, which is now being investigated for a 50 billion USD swindle.
Nordea’s press chief says the bank could have lost over 62 million USD, but that this is only a tiny percentage of their total pension fund.
Danish-owned Danske bank, which is big in Sweden, could have lost over 12 million USD of its customers’ money in a similar fund run by the US fraudsters.
The Swedish Financial Supervisory Authority will now investigate whether any other Swedish firms are affected by the case.