Consumer Council with giant lawsuit against DNB – Adresseavisen

The Consumer Council says on its website that the writ is sent District Court in June 2016.

In addition to DNB Norway case also the two equity funds DNB Norway I and Avanse Norway I.

the consumer Council believes DNB has marketed these funds that are actively managed and customers thus have paid for a separate management team should pick stocks they think will outperform the stock market index.

Claims for refund

Consumer Council believes that all the three funds in the period 1 January 2010 to 31 December 2014 were managed passively – as so-called index funds. These are funds that automatically reflects the stock exchange index and thus is far cheaper than active mutual funds. The Consumer Council therefore believes that small depositors have paid too much.

– DNB’s alleged active funds is six times more expensive than their passively managed index funds. We believe that customers are entitled to a refund of the price difference. DNB rejected all claims in February 2016 and we therefore take the bank to court, writes the Consumer Council.

Rejects

Head of Information Even Westerveld DNB told NTB that they have not yet seen the writ, and he therefore unable to comment.

DNB has previously denied that small depositors fund DNB Norway are entitled to compensation. For about a month ago said Westerveld to E24 that there is no basis for the claim.

– We also remind that the fund in the period outperformed our customers. Beyond this is a bit difficult to comment on a subpoena we have not received yet, said Westerveld.

Tides effect

Consumer Council points out that when the stock market rises much as serve customers money regardless of the level of charges or the degree of active management.

– This is called tidal effect. When the tide comes in, lifted all boats. Such a claim means that DNB takes credit for the overall market. Lawsuit involves not whether returns