DnB Nor sued over loan products in wake of ruling on compensation

The Consumer Council of Norway has issued a writ on behalf of an individual investor against DnB Nor over the sale of two loan-financed structured savings products. The move comes after the bank refused to comply with a Bankklagenemda (Norwegian consumer finance watchdog) ruling in January 2009, which ordered DnB to compensate investors who had bought the products for all losses, as well as charges, interests and commission.

The council will bring the lawsuit, for which a date has not yet been s

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