The Class Action against Skandia Association was formed on October 22,
2003, with the aim of claiming compensation for some 1.2 million life
insurance customers in Skandia Liv, a subsidiary of the Skandia AB
corporation.
The Association now has some 15.000 full-paying members.
An application for a summons against Skandia AB was handed in on January
5, 2004. The purpose of the action is to establish a legal examination of
the issue whether Skandia AB has caused the customers in Skandia Liv damage
by the way in which the SKR 3.2 billion sale of the capital management
company SAM to Den norske Bank in December 2002 was carried out. 2/3 of the
capital of SAM emanated from pension funds administered by Skandia Liv. No
part of the proceeds of the sale were paid to Skandia Liv.
Claims from the Association may at a later stage also be directed towards
both previous and current board members of Skandia Liv.
The claim for compensation, SKR 2 billion, is supported by a probe into
the handling of the sale by a legal expert, Dr. Stefan Lindskog, which was
part of a general inquiry commissioned by the Swedish Consumer Agency. In
his report, Dr. Lindskog stressed that the present Board of Skandia Liv has
a legal obligation to claim compensation from Skandia AB.
There are two main alternatives for an independent legal inquest:
examination in court or arbitration. The Association maintains that the
most desirable alternative is an arbitration proceeding with full
publicity, in accordance with what has been suggested in relation to the
Lindskog inquiry by the Swedish Consumer´s Ombudsman Ms. Karin Lindell,
Director General of the Consumer Agency. This, however, presumes that the
Association will have such standing in relation to the arbitration tribunal
that it can effectively protect the interests of the life insurance
customers. If such a role proves untenable, the Association will proceed by
way of Class Action.
We are now eagerly awaiting a decision by the Board and the CEO of
Skandia Liv in relation to the position taken in the Lindskog report that
they are legally bound to take judicial action against the corporation on
behalf of the insurance customers.
.Board Members of Class Action Against Skandia Association:
Arne Ruth, chairman
Anders Keller, deputy chairman
Eric Forsgren
Marie-Louise Keller
Birger Söderqvist, treasurer
Ing-Britt Sjöstrand
c/o Sjöstrand,
Sidensvansvägen 83
192 55 Sollentuna. SWEDEN
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