Norway's consumer watchdog sues bank for $83 million

HELSINKI – Norway’s consumer watchdog is suing the country’s largest bank, DNB, on behalf of 150,000 customers, claiming it has overcharged them 690 million kroner ($83 million) in management fees in “falsely active funds.”

In one of Norway’s largest class action lawsuits to date, the Norwegian Consumer Council says that from 2010 to 2014 the bank had charged customers six time more for the funds than what it should have, according to analyses by the Financial Supervisory Authority and the Norwegian School of Economics and Business Administration.

DNB Norway rejected the claims, saying Tuesday that they were “completely wrong” and that the bank had acted appropriately. The bank said it had a return of 44 per cent in that period and had managed the funds in the way it had promised customers.