Norway's DNB Ordered To Pay $37M In Landmark Class Suit

Law360, London (March 3, 2020, 4:18 PM GMT) -- Norway’s high court has forced banking group DNB to refund 180,000 less-experienced investors around $37 million for paying for management services they didn’t receive, in the country’s largest-ever class action.

The Norwegian Consumer Council on Friday landed a landmark collective redress victory against DNB ASA. The council, which is the Nordic country’s government agency for consumer protection, clawed back 350 million Norwegian kroner ($37 million) for 180,000 retail investors who paid excessive fees to the country’s largest financial services group for managing their funds between 2010 and 2014.

The council said it hopes that the success of the case will prompt...

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