8 Sep 2020

Hammarskiöld represented the Swedish Pensions Agency in major settlement regarding Falcon Funds

Hammarskiöld represented the Swedish Pensions Agency in relation to the enormous financial fraud in relation to Falcon Funds. Together with the Swedish Pensions Agency, Hammarskiöld has during the last four years investigated the Falcon fraud with a view to identify responsible parties. As a result, two major settlements have been concluded and has resulted in a total compensation of approximately SEK 335 million to the pension savers. The first settlement related to the board of directors of Falcon Funds and was made in June this year between the Swedish Pensions Agency, the board of directors of Falcon Funds and a syndicate of British insurance companies. The second settlement concerned the depositary of Falcon Funds, the Maltese bank Bank of Valletta. Following international mediation proceedings, Bank of Valletta and the Swedish Pensions Agency reached a settlement resulting in a payment by Bank of Valletta of approximately SEK 273 million to the Swedish Pensions Agency.

Mattias Anjou, responsible partner for the matter at Hammarskiöld, comments: “I am extremely proud over the hard work that our team has put into this case, where we patiently and methodically investigated serious white-collar crimes in relation to a complex and international legal matter with several parties and jurisdictions involved. It is a great success for the Swedish state and for the pension savers. The case and the result demonstrate Hammarskiöld’s capability to handle complex investigations in relation to the financial industry, white-collar crimes and international dispute resolution. We are grateful for the trust and confidence that the Swedish Pensions Agency has shown us in retaining Hammarskiöld as their legal advisor in this important case.”

The Team of Hammarskiöld has consisted of Mattias Anjou (partner), Per Sundin (partner), Emma Lindwall (senior associate), Fredrik Osvald (associate), Johan Löfquist (associate), Isabelle Vinterskog (associate) and Lisa van den Berg (associate).

The Swedish Pensions Agency’s press release can be found here.