June 7, 2019 / 3:40 PM / 4 months ago

Norwegian bank DNB appeals ruling to pay $41 mln in compensation to investors

OSLO, June 7 (Reuters) - Norwegian bank DNB said on Friday it has lodged an appeal against a court ruling that ordered it to pay around 350 million Norwegian crowns ($41 million) in compensation to its investors.

The appeals court ruled on May 9 that DNB’s asset management arm had overcharged fund investors and must compensate around 180,000 customers.

DNB said on Friday it had appealed to the Supreme Court to overturn the ruling.

The compensation is half the 690 million crowns the Consumer Council had originally claimed when it launched what was Norway’s biggest ever class action lawsuit on behalf of investors.

“We won at a first instance court, and the Consumer Council won at a court of appeals. We feel that this is a matter of principle, and that’s why we would like the Supreme Court to make a judgement,” DNB’s spokesman Even Westerveld said.

“We don’t have a timeline for the potential judgment,” he added.

The case concerned people who invested in three separate funds between January 2010 and December 2014.

Norway’s news website E24 was first to report that DNB had decided to appeal to the Supreme Court. (Reporting by Nerijus Adomaitis; Editing by Susan Fenton)

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