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
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