DNB anchor fondsdom – Dagens Næringsliv

personal finances

DNB anchor the judgment which the Oslo district court gave the Consumer the green light to make the case on behalf of the DNBs fondskunder as a class action.

Published: 02.02.2017 — 23:21 Updated: 02.02.2017 — 23:28

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DNB will not let the Consumer lead the case on behalf of 180.000 customers in the funds DNB Norway, As Norway and Postbanken Norway as a class action, and appeals therefore, the judgment of the Oslo district court decided the case the first week in January.

– DNB believes that the terms of gruppeprosess not met, because there are significant differences between all the shareholders. We believe not gruppeprosess is the best way to resolve the questions the case raises, ” says public affairs manager Even Westerveld in the DNB.

Would rather have pilotsaker

DNBs lawyer argued in the trial that it was for the big difference in fondskundene.

The major differences are there because the Norwegian Consumer council has gone for the wide out. Consumer tries in one and the same thing, to variety of over 180.000 shareholders who at different times have gone into and out of three different funds with different information, different management, different results and over a period of five years, ” says Westerveld. DNB believes the matter should rather be solved through a variety pilotsaker that they find together with the Consumer.

And where the result is added to the reason for the other shareholders. DNB believes that each shareholder should have to go to the case on hand, the stresses Westerveld.

This was the same arguments DNBs lawyer brought in court. Without success.

• 180.000 customers in DNB Norway, As Norway and the former Postbanken Norway after Forbrukerrådets opinion paid 690 million dollars for a lot in fees and lost returns.
• In active managed mutual fund is the fees is between 1.5–2 per cent.
• In a indeksfond is the fees is between 0.1 and 0.3 per cent.
• In march, 2015 came the financial supervisory authority of norway, with powerful criticism of the DNB, because it meant sparerne in the fund DNB Norge paid for an actively managed fund, while the fund was approximately the same indeksfond. The authority ordered the DNB either to change the management of the fund, or to cut the price.
• DNB responded by, among other things, to make changes in forvaltningsteamet for the fund, increase the fund’s risk-taking and cut in the fees to DNB Norway and other funds from 1.8–2.0 per cent to a maximum of 1.4 per cent of total assets.
• the Consumer has got the NHH Norwegian school of economics-economists Petter Bjerksund and Trond Døskeland to analyze the fund in two batches, and it is their analysis that form the basis when the Consumer requires 690 million. NHH Norwegian school of economics experts believe the funds had a low active share – that took too little risk to be able to provide customers with an excess return that was higher than what they could have gained by buying a indeksfond in the period.
• Now the Oslo city court found that the Consumer can go to the class action lawsuit against DNB on behalf of fondseierne. The judgment is not enforceable.

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“Will vingeklippe action”

Forbrukerrådets director Randi Flesland thought DNBs arguments that fondskundene was so different was performed to attempt to minimize the trial.

– DNB want a vingeklippet lawsuit and argue then. The bank’s proposal pilotsak is in reality not other than the common individual lawsuits, where it is up to DNB to assess whether the ruling should apply to the other 180.000 customers, said Randi Flesland in a comment after the verdict fell in January.

the Greatest – and worst

DN has the last days written several cases about how bad aksjefondet DNB Norway has done it for the last 17 years. This is Norway’s by far largest mutual fund with 7.5 billion to the government, and still has 112.000 customers.

DNBs president and ceo Rune Bjerke apologize for the poor returns in the fund, and believes customers should find other funds if they are dissatisfied.

It should also be so that if one is unhappy with the developments in their funds, one should be open to investing in other funds. Customers must try to find a way to vinnerfondene as best you can, ” says he adds.