Norges Bank Investment Management (NBIM) and the Swedish pension fund Sjunde AP-fonden (AP7) are set to lead a U.S. securities class action lawsuit related to the collapse of Silicon Valley Bank (SVB).
This marks the first time NBIM will spearhead such legal proceedings, as it seeks to recover substantial investment losses incurred by the fund and other SVB investors. "We manage money on behalf of all Norwegians," said Nicolai Tangen, CEO of NBIM. “I see it as our duty to take legal action to both maximise our recoveries after the SVB collapse and to signal that this is not acceptable market behaviour.”
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