The Swedish Pensions Agency (Pensions Myndigheten) has filed a lawsuit against Skandinaviska Enskilda Banken AB (SEB) for approximately SEK 470m based on the company's capacity as a custodian for Allra's funds.

On 14 September 2023, the Swedish Pensions Agency submitted a lawsuit to the Stockholm district court against SEB. The lawsuit application contains demands for approximately SEK 470m plus interest.

“We are suing SEB as we believe that the company has not fulfilled its obligations as a custodian for Allra's funds. We have chosen to proceed in this part to give affected pension savers and pensioners compensation for the damage they have caused,” Swedish Pensions Agency chief legal officer, Lena Aronsson, said.

During 2012, SEB was the custodian for Allra's funds (formerly the Swedish Fund Service). The Swedish Pensions Agency’s demands are connected to the so-called Allra criminal case and the transactions that took place in 2012. It believes that SEB breached its responsibility as a depository institution.

“Due to SEB's failure to act and thereby fulfil its statutory control obligations, pension savers were harmed. The extent of the damage amounts to a total of approximately SEK 471m plus interest,” the agency stated.

A spokesperson for SEB said: “We decline to comment on ongoing legal procedures and refer to the statement provided in the Annual Report for 2022. Our position regarding the Swedish Pensions Agency’s claim is unchanged since then.”

It’s statement from its Annual Report said: “In May 2022, the Swedish Pensions Agency made a claim for damages against SEB in its capacity as depositary for the fund company Gustavia Davegårdh Fonder’s investment funds. The claim amounts to just over SEK 470m excluding interest and relates to transactions carried out in 2012.

“The Swedish Pensions Agency is of the opinion that SEB has failed in its duties as depositary for the funds in relation to these transactions. SEB has disputed the claim as it is of the opinion that the bank has fulfilled its duties as depositary in regard to these transactions and that the bank has no liability for damages. Consequently, no provision related to the claim has been recognised in accordance with applicable accounting regulations.”

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