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Norway appeals court allows class action lawsuit against DNB bank
June 2, 2017 / 3:02 PM / 6 months ago

Norway appeals court allows class action lawsuit against DNB bank

OSLO, June 2 (Reuters) - Norway’s Consumer Council must be allowed to proceed with a class action lawsuit against top bank DNB on behalf of 180,000 customers, the Borgarting appeals court ruled on Friday, affirming the decision of a lower court.

DNB will consider whether to appeal against the decision, a spokesman said.

The bank had argued that the case to reclaim some 690 million Norwegian crowns ($81.84 million) on behalf of investors in funds it managed did not fit the requirements for a class action lawsuit.

The case centres on whether DNB, charging customers for so-called active fund management, had in fact covertly been tracking a stock index - a claim DNB denies.

$1 = 8.4315 Norwegian crowns Reporting by Terje Solsvik; Editing by Adrian Croft

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