Unanimous arbitration board frees Lars-Eric Petersson

In a ruling dated December 15, 2006, an arbitration board jointly appointed by Skandia Insurance Company Ltd. (publ.) and Skandia’s former CEO, Lars-Eric Petersson, has freed Lars-Eric Petersson from all charges that he removed the ceiling amount in a Skandia incentive program called Wealthbuilder. Lars-Eric Petersson was not personally a beneficiary and thus did not participate in this incentive program.

The arbitration board consisted of the district court judge Ingemar Persson, former Supreme Court justice Bertil Bengtsson, and attorney Göran Ekdahl. The arbitration board’s secretary was court of appeals assessor Jonas Bäckstrand. The ruling was unanimous.

Skandia, which was represented by attorneys Harald Nordenson and Petter Törnqvist from Setterwalls Advokatbryå, Stockholm, plead the same argumentation to the arbitration board as the prosecutor did previously in Stockholm District Court, and also cited the district court’s May 2006 ruling against Lars-Eric Petersson as evidence. Lars-Eric Petersson, who was represented by attorneys Torgny Wetterberg and Christer Brantheim of Advokatfirman Södermark, Stockholm, has claimed that the district court’s ruling was grossly erroneous and that Skandia’s suit against Lars-Eric Petersson should therefore be dismissed.

In its examination, the arbitration board dismissed the argumentation and conclusions drawn in the district court’s ruling in all its parts and found that Lars-Eric Petersson did not remove any ceiling amount. Consequently, the arbitration board has dismissed Skandia’s claim for damages. The arbitration ruling was today filed with the Svea Court of Appeal as proof that Lars-Eric Petersson is innocent and that the district court’s ruling is grossly erroneous. The arbitration board has provided a separate summary of its ruling, as appended. Petersson’s counsel, Torgny Wetterberg, made the following comment:

”Justice has prevailed. The arbitration ruling smashes Skandia’s fabricated description of events to pieces and shows that the district court’s ruling is grossly erroneous.”

Commenting on the ruling, Lars-Eric Petersson said:

”The arbitration ruling makes it clear that I did not remove any cap. I am very happy and relieved that the truth has finally come out.”