January 12, 2018 / 10:09 AM / a year ago

Norway's DNB wins class action case over fund charges

OSLO, Jan 12 (Reuters) - The asset management arm of Norwegian banking giant DNB did not overcharge customers who invested in its funds, a court ruled on Friday, rejecting compensation claims made in the country’s largest class action lawsuit.

The Norwegian Consumer 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.

DNB Asset Management was accused of charging customers for actively managing the funds, while in reality simply tracking a stock market index - a claim DNB denies. (Reporting by Terje Solsvik, editing by Camilla Knudsen)

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