AP7: AP7 and the Norwegian Oil Fund named as lead plaintiffs in class action against Silicon Valley Bank
5 December 2023
AP7 publishes on its website:
Together with the Norwegian oil fund, NBIM, AP7 has been appointed as the lead plaintiff in a class action against Silicon Valley Bank, SVB.
The court case concerns allegations against parts of SVB’s management that they have misrepresented and concealed significant financial problems the bank was facing due to increased interest rates and reduced M&A activity. It led to the collapse of the bank and created financial losses for the bank’s shareholders, including AP7 and our savers.
In August 2023, AP7 was also named as the lead plaintiff in the class action against Signature Bank. Despite assurances to the contrary, Signature Bank experienced a significant liquidity crisis in March 2023, resulting in one of the largest bank failures in US history.
Legal processes are one of AP7’s ownership management tools to protect the interests of our savers. AP7 takes advantage of the opportunity to pursue legal processes through class actions against companies that have treated shareholders incorrectly and negatively affected the share price. It is part of ownership management that deals with exacting responsibility from the companies and deterring irregularities, as well as compensating the shareholders.
Source: AP7
