Media: Investors accuse Vestas of prolonging case

The legal conflict between a group of institutional investors and former Vestas management has now stretched into its fourth year, with the group blaming Vestas for intentionally prolonging the case.

Photo: Frank Boutrup Schmidt/Vestas

In 2013 a case was launched against Vestas' former management for misleading financial statements, but it remains under preparation. The group behind the case, made up of 60 institutional Vestas investors, has accused Vestas of delaying the case according to Danish daily Børsen.

The group is made up of Commerzbank, a state central bank, and a pension fund for teachers in texas. The group demands more than DKK 70 million (EUR 9.4 million) in damages and has also reserved the right to triple the amount. The group is advised by Belgian consultants Deminor, with partner Erik Bomans explaining that for the fourth year in a row, the parties are battling over procedural issues rather than whether the reports were misleading or not.

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