Swedbank Robur responds to the Swedish Shareholders’ Association’s submission to ARN
In December 2014, the Swedish Shareholders’ Association (Aktiespararna) submitted a claim to the National Board of Consumer Disputes (ARN) concerning the management of the funds Allemansfond Komplett and Kapitalinvest.
Yesterday, Robur responded to ARN. The response is comprehensive and outlines several reasons for Robur’s opinion that there is no need for compensation to the fund owners.
“We cannot see that any errors have been made. In our opinion, the funds in question have always been managed actively. However, we have not always been satisfied with the results of the active management. We have regularly disclosed how the funds have been managed and the fees. Moreover, the fees of these funds have not been higher than for other comparable actively managed funds on the market”, says Cecilia Hernqvist, Head of Communications at Swedbank.
Robur has always been clear that the company has nothing against the case being heard. The ARN is an excellent instance for many consumer cases, but this hearing is unusually complex and extensive. The case should, therefore, be tried in a court of law. On its web site, Aktiespararna has promised to cover all legal expenses for those individuals who have joined the class action.
“Although Aktiespararna has promised to cover all legal expenses, our customers will suffer the inconvenience. Robur has therefore offered Aktiespararna a so called substitution of parties, which means that Aktiespararna would take over the customers’ demands. Our customers would thus not be involved since the case would merely be a matter between Robur and Aktiespararna”, Cecilia Hernqvist concludes.
Additional information is available on Robur’s website, www.swedbankrobur.se, along with questions and answers related to the case.
For further information:
Cecilia Hernqvist, Head of Communications, Swedbank, mobile: +46 70 681 07 39
Pär Bäckman, Press contact, Swedbank Robur, mobile: +46 70 655 92 33
Swedbank promotes a sound and sustainable financial situation for the many people, households and companies. Our vision is to contribute to development “Beyond Financial Growth”. As a leading bank in the home markets of Sweden, Estonia, Latvia and Lithuania, Swedbank offers a wide range of financial services and products. Swedbank has over 8 million retail customers and around 600 000 corporate customers and organisations with 314 branches in Sweden and 156 branches in the Baltic countries. The group is also present in other Nordic countries, the US and China. As of 31 December 2014 the group had total assets of SEK 2 121 billion. Read more at www.swedbank.com
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