Date: 13th May 2019

Following the biggest class action lawsuit ever filed in Norway, around 180,000 DNB consumers have won their claim that the fees charged by the biggest bank in the country were far too high. DNB had already been sued by the state consumer council three years ago, on the basis that it must refund around NOK 690 million in fees it had charged relatively small savers for its investment funds. Even though DNB tried to block the suit from going to court, it lost that effort back in June 2017. An Oslo County Court approved the class-action and DNB appealed, but the appeals court refused to hear it.

DNB now faces paying out around NOK 345 million in total to the roughly 180,000 customers who sued. DNB also must pay around NOK 14.2 million in court costs. Nevertheless, it still claims customers did receive the money they were promised. According to DNB spokesman Even Westerveld, the bank “will go through (the court verdict) and see whether we need to appeal to the Supreme Court.”

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