The Swedish Pensions Agency has taken legal action against Swedbank, filing a SEK 2.79bn lawsuit in the Stockholm District Court, for the bank’s role as custodian of the Optimus High Yield fund.

The lawsuit was based on the damage suffered by pensioners and pension savers due to crimes committed during Swedbank's time as custodian of the Optimus High Yield fund.

Commenting on the lawsuit, Swedish Pensions Agency chief legal officer, Lena Aronsson, said: “Pensioners and pension savers have lost money in connection with serious crimes linked to Falcon Funds and Optimus.

“We believe that Swedbank mismanaged its role as a custodian, which provided the conditions for the crimes that affected pensioners and pension savers.

"We have been in talks with Swedbank for a long time but have now finally chosen to sue Swedbank.”

The Optimus High Yield fund was part of a scam run by a group called Falcon Funds, which stole money from pensioners and pension savers.

Swedbank was the custodian for Optimus from 2012 to 2015 and was responsible for safeguarding the assets in the fund.

In 2020, four people were sentenced in Stockholm District Court to between two years and seven and a half years in prison for various types of serious economic crimes from 2012 to 2013.

The Swedish Pension Agency submitted a claim to Swedbank for compensation on behalf of the pensioners and pension savers affected in mid-2022 but no agreement was reached.

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