OSLO (Reuters) - Norway’s Consumer Council said it would proceed with a class action lawsuit against bank DNB, on behalf of thousands of customers who claim they were overcharged, after the lender failed to have the case dismissed.
The council and DNB, Norway’s largest bank, said on Monday that the Norwegian Supreme Court had refused an appeal by DNB to have the lawsuit dismissed, affirming a previous decision by a lower court.
The bank had argued that the case to reclaim 690 million crowns ($88 million) on behalf of 180,000 investors in funds it managed did not fit the requirements for a class action lawsuit.
The case centres on whether DNB, in charging customers for so-called active fund management, had in fact covertly been tracking a stock index - a claim DNB denies.
The Consumer Council said the court case would now start on Nov. 13 in the Oslo district court.
“Now we are ready for the largest class action lawsuit in Norway’s history,” Randi Flesland, the head of the Consumer Council, said in a statement.
DNB said it accepted the Supreme Court’s clarification on the status of the lawsuit. “It is never nice to meet customers in court,” a DNB spokesman said.
Reporting by Camilla Knudsen; Editing by Susan Fenton