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DNB loses historical lawsuit to 180,000 customers after appeal case

The Norwegian financial group has been fined due to three equity strategies failing to deliver active management as promised. Two weeks ago, the Swedish Ethics Committee for Fund Marketing also penalized DNB for misleading marketing.

Trading floor at DNB. | Photo: PR

Last year, DNB won a class action lawsuit against 180,000 suing customers. However, in a recent verdict from Borgating Court of Apeal, the case has ended  with an opposite ruling, and the Norwegian financial group lost the lawsuit, reports Norwegian business daily Dagens Næringsliv.

The lawsuit pertains 180,000 customers demanding part of the fee paid to DNB be redeemed as the three of the involved equity funds followed their index too closely to justify charging for an actively managed fund.

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