Company: SUNE
Filing Date: 2025-04-24
Form Type: SCHEDULE 13D/A
Source: 0001104659-25-038185
Chunk: 0

Company: SUNation Energy, Inc.
Filing Date: 2025-04-24
Form: SCHEDULE 13D/A
Chunk 0
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 with DoJ, SEC, and SCU. Danske Bank will continue to defend itself vigorously against these claims. The timing of completion of such civil claims (pending or threatening) and their outcome are uncertain and could be material. Danske Bank has been procedurally notified in two claims filed against Thomas F. Borgen. Under Danish law, the purpose of a procedural notification is to make a formal reservation of rights to bring a potential claim against the notified party. The first case was dismissed in the first instance and subsequently appealed by the claimants. The original claim amount for both claims was approximately DKK 3.2 billion but has been reduced to approximately DKK 1.7 billion. An action has been filed in the United States District Court for the Eastern District of New York against Danske Bank and others. The complaint sought unspecified punitive and compensatory damages. On 29 December 2022, the action was dismissed by the court and on 27 January 2023, the complainants filed an appeal of the dismissal. The timing of the completion of the lawsuit and the outcome are uncertain. 
 Flexinvest Fri                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
 As stated in the Bank's press release of June 24, 2019, the Bank found, in the autumn of 2018, that customers who had invested in its Flexinvest Fri product during a certain period had paid fees that were too high (the "Flexinvest Fri Matter"). This was a result of a number of management decisions to change Flexinvest Fri fees in connection with the implementation of MiFID II in 2017. At the time, interest rates were low, and the expected returns were similarly low. The management decisions caused the fees to be set at too high a level in relation to the expected returns, which made the Flexinvest Fri product unsuitable for some customers. Upon discovery of the Flexinvest Fri Matter, the Bank notified the DFSA and instructed external counsel to conduct a review. The DFSA issued a decision on August 30, 2019, that contained a number of orders. In connection with the decision, the DFSA also filed a criminal complaint against the Bank. All affected customers have been contacted and compensated, and the DFSA considers that all of its orders issued to the Bank in connection with the Flexinvest Fri Matter have been complied with. On November 14, 2019, following the criminal complaint filed by the DFSA on August 30, 2019, the Bank was prelim