DNB is being sued by dissatisfied customers

The customers believe the bank misled them into buying into a business property, Vinkelgården at Majorstuen in Oslo, by using inflated return figures, write Today’s business.

In the summons, the bank is accused of gross negligence – and that it must have understood that the project, which was supposed to trigger the customers’ desire to invest, was “incorrect and clearly misleading”, it says.

The plaintiffs – who are so-called “gold customers” of the bank – demand that DNB compensate their losses, which are calculated at up to NOK 60 million.

Only customers with at least NOK 2 million in so-called investable assets can apply to become a gold customer, or private banking customer, with DNB.

DNB’s communications manager Øystein Kløvstad Langberg writes in an email to the newspaper that the bank thinks this is an annoying situation, but that there is no basis for the claim.

– We had a number of meetings with representatives of the shareholders in Vinkelgården. We have offered both out-of-court mediation and refinancing on very favorable terms, so that the shareholders would avoid selling the property at a loss. Both parts were rejected. The shareholders chose instead to sell the building, and we have offered to cover approximately half of the loss in order to avoid a lengthy and expensive legal conflict with our customers. The majority of shareholders said “yes” to the offer, says Langberg.