And that’s probably what DnB NOR is aiming for; making it impossible for the Borgating Court of
Appeal to reach another verdict in disfavor of the Bank.It is the Norwegian business website,DN.no,who have gotten hold of the appeal papers. A
ccording to the website, DnB NOR’s
lawyer Anders Ryssdal at the law firm Wiersholm, writes:
“In general, is the majority of the court’s valuation of the evidence conspiratorial in disfavor of the Bank.”
The bank’s lawyer also argues that the Oslo District Court have chosen to disregard moreconfident calculation made by other experts, including DnB NOR’s own.
According to the appeal papers, DnB NOR argues that themajority of judgesat the Oslo District
Court have revealed through their wording that they more or less had decided to “get” bank before
they made the ruling.The court use words and expressions of an
the bank-lawyer writes, in order to
create an impression of the DnB NOR’s products as
means disgusting or cruel. As an example of the conspiratorial, odious wording,
DnB NOR points to the District Court’sconclusion that says the Bank’s sale of these saving funds is to be considered as marketing of
according to a
“carefully thought out plan.”
11 Years of Outhauling
This case started in 2000, 11 years ago, when private investor Ivar Petter Røeggen placed all his
savings in two of DnB NOR’s so
-called structured funds, which according to the Bank wasguaranteed a pay-off.But five years later Mr. Røeggen had lostNOK 230.000 of his original investment of NOK 500.000. And in 2006
encouraged by the money magazine “DINE PENGER” –
he files a complaint to theNorwegian Consumer Councilclaiming the Bank had made false promises, and withheldinformation about the real risk involved. According to the calculations by the independent experts, there was a 60% chance of losing
money by investing in DnB NOR’s guaranteed structured funds.
The Norwegian saver requires that DnB NOR cover his losses.Now, the snowball starts rolling:In December 2007 the Consumer Council says in a hearing, held by the Norwegian Financial Authority that it should be prohibited to sell thesestructured productsto non-professionalinvestors.