Alecta Leads Class Action Lawsuit Against First Republic Bank

The Swedish pension fund embroiled in the US banking crisis this spring is leading a class action lawsuit against First Republic Bank after it lost 7.5 billion kronor ($720 million) selling a stake in the lender.

Alecta has been named the lead plaintiff by a US court in the lawsuit against the midsized US bank, which collapsed in May. The pension fund’s sizable position in First Republic — together with its holdings in Silicon Valley Bank and Signature Bank — led to losses of $2 billion and forced out several top executives at the Stockholm-based group.

The fund “has a ...