February 1, 2018 / 6:25 AM / 22 days ago

Norway's consumer watchdog appeals verdict in DNB class action case

OSLO, Feb 1 (Reuters) - Norway’s Consumer Council will appeal against a court ruling which found that banking group DNB did not overcharge customers who invested in its funds, the watchdog said in a statement on Thursday.

The council had sought to reclaim 690 million crowns on behalf of 180,000 DNB customers who had placed money in three funds between January 2010 and December 2014, in what had been billed as a class action test case.

DNB Asset Management was alleged to have charged customers for actively managing the funds, while in reality simply tracking a stock market index, a claim DNB denied. (Reporting by Terje Solsvik, editing by Ole Petter Skonnord)

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