February 28, 2020 / 9:00 AM / a month ago

Norway's DNB loses class action case over fund charges -supreme court

OSLO, Feb 28 (Reuters) - Norwegian banking group DNB’s asset management arm has overcharged fund investors and must pay compensation to around 180,000 customers, the country’s supreme court ruled on Friday in what was billed as a test case for the industry.

DNB had denied claims by customers and by Norway’s Consumer Council that it had charged customers for actively managing funds when in reality they were tracking a stock market index - a much cheaper service to provide. (Reporting by Terje Solsvik, editing by Gwladys Fouche)

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