OW investors kicked out of class action lawsuit

A class action lawsuit involving several thousand investors in OW Bunker has been approved by Denmark's Eastern High Court. But more than 1,000 investors are barred from participating in the lawsuit, reports Børsen.

Photo: Kasper Palsnov/Jyllands-Posten

Denmark's Eastern High Court has approved a class action lawsuit filed by thousands of private investors in OW Bunker, which collapsed in November 2014, against the former management and equity fund Altor. But close to one third of the investors are barred from participating, reports Danish business daily Børsen.

So far, close to 4,000 private investors have joined the class action lawsuit for a damage claim totaling DKK 317 million (USD 52.7 million), but with the Eastern High Court's criteria for participation, many of these will drop out, says Morten Schwartz Nielsen, partner at law firm Lund Elmer Sandager and lawyer representing the association Foreningen for OW Bunker-Investor, which represents the investors.

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