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Deminor International has filed an EUR 11 million lawsuit against three Vestas exectives on behalf of 87 individuals. According to Vestas, "this is not a class action lawsuit but 87 individual claims for damages, grouped in one claim."

The claim is directed against Bent Erik Carlsen, Ditlev Engel and Henrik Norremark, the company's former chief financial officer who is now under investigation for engaging in unauthorized dealings with two companies based in India.

Vestas says the claim is based on an existing lawsuit filed by Deminor against Vestas in the U.S. on behalf of Commerzbank International Portfolio Management, who claims the turbine maker issued false information regarding its revenue and earnings.

According to a Vestas spokesman, an earlier Deminor notice filed on Aug. 6, was a notification of an intent to file. At that time, Deminor said it intended to file a claim for 40 million euros, which included past and present board members Jorgen Huno Rasmussen, Jorn Ankær Thomsen, Torsten Erik Rasmussen, Hakan Eriksson, Kurt Anker Nielsen, Freddy Frandsen, Ola Rollen, Carlsen, Engel and Nørremark.

Vestas has reviewed the claim and contends it is without merit.


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