Deminor approaches Vestas with USD-40m claim, lawsuit threat
Aug 7, 2013 - Danish Vestas Wind Systems A/S (CPH:VWS) said Tuesday it was facing a potential lawsuit from Deminor International SCRL after a claim of about DKK 300 million (EUR 40m/USD 53m) against the wind turbine maker.
Vestas has received a collection letter from a Danish Law firm which represents Deminor, which in turn says it was acting on behalf of over 80 private and institutional investors. The claim is directed against Vestas and former and present members of its board of directors.
Vestas said that the potential action is based "on the same arguments as those included in the existing class action lawsuit in the USA", which was filed in the United States Federal District Court of Colorado in 2011. The lawsuit then was initiated by a pension fund requiring compensation due to changes in Vestas's accounting policy announced in November 2010. According to the Danish firm, both claims are "without merit".
If Vestas does not accept Deminor's claim within 10 days, Deminor intends to start legal proceedings against the wind turbine manufacturer in Denmark.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.