Bosses escape blame for options blow-up at Swedish bank

Court rules negligence by former managers and auditor of HQ Bank did not cause 2010 licence withdrawal

Riddarholmen district in Stockholm - photo Ildiko Lukacs-imagebank.sweden.se
Stockholm, Sweden. A court has ruled negligence by former managers and auditor KPMG did not cause the withdrawal of HQ Bank's licence in 2010

A Swedish bank that had its banking licence revoked in 2010 after risk management failures has lost its claim for damages against its former management and auditor. Last month, the court said that although the defendants had acted negligently, their actions were not sufficient to cause the damage.

HQ Bank was effectively shut down by Sweden’s financial supervisor Finansinspektionen after its trading business ran up losses of Skr1.17 billion ($175 million at 2010 exchange rates, or $143 million

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact info@risk.net to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Risk.net? View our subscription options

Register

Want to know what’s included in our free membership? Click here

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here