OSLO, May 9 (Reuters) - Norwegian banking group DNB’s asset management arm has overcharged fund investors and must compensate around 180,000 customers, an appeals court ruled on Thursday in what had been billed as a test case for the industry.
While the verdict gave guidelines for how to calculate reparations for individual customers, it was not immediately clear how much DNB would have to pay overall.
In the class action lawsuit, Norway’s biggest to date, the public Consumer Council had claimed 690 million Norwegian crowns ($78.70 million) on behalf of DNB customers who invested in three funds between January 2010 and December 2014.
The company had denied claims that its asset management arm charged customers for actively managing funds, while in reality simply tracking a stock market index - a much cheaper service to provide.
The verdict reversed the findings of a lower court, which in January 2018 ruled in favour of DNB.
The Norwegian Consumer Council argued the case held importance far beyond the specific claim against DNB, as it could help protect people’s savings and pensions from overcharging in the future. ($1 = 8.7673 Norwegian crowns) (Reporting by Terje Solsvik Editing by Keith Weir)