Sunday, 24 July 2016
Last updated 1 day ago
Dec 1 2009 | 10:11am ET
A Danish bank has been reprimanded by the country’s regulators for allegedly misleading investors in its hedge funds.
The Danish Financial Supervisory Authority said the brochure for its Jyske Invest Hedge Markedsneutral – Obligationer leveraged bond fund feature an “insufficient description,” and that the bank didn’t make up for it when talking to clients.
Jyske said it does “not concur” with the regulator’s move and might appeal the ruling.
“Our advisory services did not solely consist of the brochure but also of written and oral information, and generally we are of the opinion that we gave our customers adequate advisory service,” it said in a statement.
Angry investors, who lost money on the hedge fund, filed a claim against Jyske in October, accusing it of offering “misleading and insufficient information.” Those investors are trying to put together a class-action lawsuit against the bank.