(Bloomberg) -- Danske Bank A/S’s former chief executive officer, Thomas Borgen, was acquitted in a civil case where shareholders had sought 2.4 billion kroner ($325 million) related to his role in the Danish lender’s money laundering scandal.

Borgen had no knowledge in 2014 about the laundering scandal that he was obligated then to disclose to shareholders, said the Danish court in Lyngby, north of Copenhagen, according to a statement on Tuesday.

The ruling is a relief for Borgen, after criminal charges against him were dropped already last year by Danish authorities.

Copenhagen-based Danske said last month it’s close to resolving the scandal involving suspect transactions at an estimated cost of 15.5 billion kroner, booking provisions after talks with US and Danish authorities about fines.

In 2018, it was revealed that Danske had looked past red flags indicating criminals were using a now defunct Estonian unit to funnel billions in suspicious funds out of former Soviet states and into the West, from about 2008 and into 2015. Borgen served as CEO from 2013 until he was fired in late 2018.

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