Norway’s $1.5 Trillion Fund to Co-Lead SVB Class Action Suit (1)

Norway’s $1.5 trillion wealth fund said it will co-lead a class action lawsuit against Silicon Valley Bank, a new departure for the Nordic organization as it seeks to claw back about $140 million in losses from the collapse of the California lender.

Norges Bank Investment Management will join Swedish pension fund Sjunde AP-Fonden as co-leads in the lawsuit, Chief Governance and Compliance Officer Carine Smith Ihenacho said Friday. It’s the first time NBIM has taken on this central role in a lawsuit.

The class action was filed March 13 against SVB Financial Group — the parent of SVB, as well ...