Tech Adoption Named Top Non-Legal Skill for In-House Counsel Danske Bank Pays $2 Billion Penalty for Defrauding US Banks The State of Corporate Litigation Today, published by the Association of Corporate Counsel in collaboration with EverLaw, noted that 47% of respondents believe that technology adoption will be the most important skill needed by the next generation of in-house legal professionals. Danske Bank, Denmark’s largest bank, has pleaded guilty to defrauding US banks over a major money-laundering scandal in Estonia, the Financial Times has reported. billion penalty is the largest forfeiture imposed by the DoJ on a financial institution compared to its market capitalisation. “We offer our unreservedapology and take full responsibility for the unacceptable failures and misconduct of the past, which have no place at Danske Bank today,” said Danske Bank chair Martin Blessing. and more than $100,000 per legal matter. 46% reported that the average length of a typical litigation matter is increasing, and that the most common strategy for containing litigation costs (used by 59%) is moving more work in-house. While 56% reported that they expect their department’s technology needs to increase in a year, it was found that a firm’s use of innovative technology is the least common criterion when it comes to considering outside counsel. The most common factor was expertise and industry knowledge. The full report can be read on the EverLaw website. https://www.everlaw.com/ white-papers/corporatelitigation-survey/ potentially criminal behaviour, it continued to lie to US banks about the Estonian branch’s a n t i - mo n e y - l a u n d e r i n g measures, the US Department of Justice (DoJ) said. The bank agreed to pay $1.2 billion in forfeitures to the US, in addition to $672 million to Danish authorities and a civil penalty of around $178 million to the US Securites and Exchange Commission. The $2 litigation, technology needs and selection criteria for outside counsel. Among other findings, the results of the survey showed that nearly half of respondents’ legal departments reported spending more than $400 per hour on outside counsel In court filings, the bank admitted to defrauding US lenders over the anti-moneylaundering controls used by Danske Bank Estonia. This allowed “high-risk customers”, including many from Russia, to access the US financial system. While Danske Bank had become aware by at least February 2014 that some of its customers were involved in The report, which was issued at the ACC 2022 Annual Meeting, showed the results of a survey of more than 200 inhouse counsel and legal operations professionals. Respondents were surveyed on their department’s top litigation costs, approach to MONTHLYROUND-UP 7
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