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Norwegian supreme court allows class action lawsuit against DNB bank
September 4, 2017 / 2:29 PM / 2 months ago

Norwegian supreme court allows class action lawsuit against DNB bank

OSLO, Sept 4 (Reuters) - The Norwegian supreme court has denied an appeal by bank DNB in a case against Norway’s Consumer Council, the council said on Monday.

The decision allows Norway’s Consumer Council to proceed with a class action lawsuit against the bank on behalf of 180,000 customers, affirming the decision of the Borgarting appeals court.

The bank had argued that the case to reclaim some 690 million Norwegian crowns ($88.43 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 = 7.8027 Norwegian crowns) (Reporting by Camilla Knudsen, editing by Gwladys Fouche)

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