© Reuters. FILE PHOTO: Silicon Valley Financial institution (SVB) emblem is seen by way of damaged glass on this image illustration taken March 16, 2023. REUTERS/Dado Ruvic/Illustration/File Photograph
OSLO (Reuters) – Norway’s $1.5 trillion sovereign wealth fund, the world’s largest, stated on Friday it has been appointed by a U.S. courtroom to co-lead an ongoing U.S. securities class motion referring to the now-bankrupt Silicon Valley Financial institution (SVB).
SVB’s collapse in March was the set off for the worst banking shock for the reason that 2008 world monetary disaster, sending financial institution shares globally on a wild journey.
The Norwegian fund stated the SVB case raised important considerations relating to the integrity of the general public markets, the governance of enormous monetary establishments and the pursuits of the investor group extra broadly.
“We manage money on behalf of all Norwegians. 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,” the fund’s Chief Government Nicolai Tangen stated in an announcement.
The fund, which invests Norway’s surplus oil and fuel income overseas, is the world’s greatest single inventory market investor, proudly owning some 1.5% of all globally listed shares with stakes in additional than 9,200 firms.
It held a 1% stake in SVB on the finish of 2022, valued at $137.9 million, in response to information on the fund’s web site.
The opposite co-lead plaintiff within the class motion is Swedish pension fund Sjunde AP-fonden (AP7), the Norwegian fund stated.
