August 31, 2017 / 7:55 AM / 10 months ago

Investors in bankrupt fuel oil supplier OW Bunker say to sue IPO banks

COPENHAGEN, Aug 31 (Reuters) - A group of institutional investors in OW Bunker said on Thursday they intend to sue investment banks Carnegie and Morgan Stanley for $80 million, accusing the banks of misleading them ahead of the 2014 listing of the now bankrupt marine fuel oil supplier.

“We are planning a law suit against the two investment banks involved in the OW Bunker IPO,” Erik Bomans, partner in Deminor Recovery Services representing some 30 institutional investors, told Reuters.

The two banks have been notified about the plans, although the lawsuit will only be filed in Denmark within the next few weeks, Bomans said.

No one at Carnegie in Denmark could be reached immediately for comment. A spokesman for Morgan Stanley in London declined to comment.

Reporting by Jacob Gronholt-Pedersen

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