Savers have complained too late “- Swedish newspaper Svenska Dagbladet

In a document of 51 pages Swedbank argue for why investors in the two funds, Allemansfond and Capital Invest, is not entitled to any compensation. The background is that the Association in December last year filed a complaint alleging that the two funds for ten years has not had a fair chance to provide a return that exceeds the benchmark and that they therefore can not be considered to have been managed actively.

Since investors in the two funds have paid for active management has the right to compensation from Swedbank Robur believes the Shareholders Association and demands compensation totaling 7 billion.

Swedbank’s response to Aktiespararnas complaints came in late on Monday and bank specifies a variety of reasons why investors are not entitled to compensation. One of the fundamental reasons is that the complaint has been received too late.

“The unit holders of any right to damages, price reduction or repayment In any event lapsed. This is because the unitholders have not forth their claims within a reasonable time after the unit holders noticed or should have noticed the alleged shortcomings in the Robur’s management, “writes the bank in its submission to the ARN.

Swedbank says that savers in the two funds have “a duty to keep themselves updated about the securities fund performance and how the fund assets invested.”

Bank points out that information about the fund’s performance and investments are reported regularly in the annual and interim reports. Savers have thus, according to Swedbank, had good opportunities to detect any deficiencies in management during the ten years that the notification relates.

“In light of the above it follows that unitholders not complained of the alleged deficiencies in the Robur’s management within a reasonable time, “writes Swedbank.

Otherwise, repeat Swedbank its view that ARN is not the right forum for such a complex issue Aktiespararnas complaint concerns. Swedbank will specifically against it in ARN’s treatment is not possible to provide oral evidence.

“The oral evidence Robur will claim can not be replaced by written evidence in the form of written expert opinions and written so called witness sat tests. To not hear these people verbally would create a confusing and opaque evidence, “writes Swedbank.

Swedbank also reiterates that the two funds that Aktiespararnas complaints include not pure index funds and their Therefore, by definition, have been actively managed.