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Norway: Watchdog says bank overcharged customers $83m

By  |  June 22, 2016

A consumer watchdog organization in Norway is taking legal action against the country’s largest bank on behalf of 150,000 customers.

The Norwegian Consumer Council has accused big bank DNB of overcharging customers 690 million kroner (approximately $83 million) for management fees related to “falsely active funds,” The New York Times reported on Tuesday (June 21).

In what is being considered the country’s biggest class-action lawsuit to date, the watchdog claims DNB charged customers roughly six times more to manage their funds over the course of 2010–2014, the Financial Supervisory Authority and the Norwegian School of Economics and Business Administration stated.

DNB continues to deny the claims and any wrongdoing but did note that, during the period under speculation, it had a return of 44 percent but managed funds in the way it communicated to customers it would.

Big payments players are facing lawsuits around the globe in recent news.

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