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Danish court exonerates UNI Finance President of insider dealing
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05/15/2009
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Denmark
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Danske Bank
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The supreme court confirmed the position of FSU that employee representatives on a company's board can share insider knowledge with their union. The ruling strengthens union rights throughout Europe.
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This decision ends a prolonged legal battle that started in 2000 and went up to the European Court of Justice.
The Danish supereme court dismissed charges against UNI Finance President, Allan Bang. As president of UNI Finance affiliate FSU, he was informed by a FSU workers representative on the board of Real Denmark on plans of merging the company with Danske Bank. In line with standing practice, the workers' representative were seeking advice from Allan about the merger plans when it became clear that the merger would result in 3,500 layoffs and the closure of 115 branches.
The court established that it was appropriate and not contrary to the rules on insider knowledge to share these information.
The court case is attached in related documents (only in Danish)
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