Key Takeaways
- • Norges Bank Investment Management and Swedish pension fund Sjunde AP-fonden, acting as co-lead plaintiffs, have reached a settlement in principle of $224.5 million with KPMG in the Silicon Valley Bank (SVB) collapse class action, according to Investment Week.
- • The settlement, reported on 9 November 2026, resolves claims tied to the 2023 collapse of Silicon Valley Bank against the audit firm KPMG.
- • Norges Bank Investment Management's leadership of the lawsuit underscores the role large institutional investors play in pursuing litigation over auditor conduct.
Summary
Norges Bank Investment Management and Swedish pension fund Sjunde AP-fonden have reached a settlement in principle of $224.5 million with KPMG, the global audit and advisory firm, in a securities class action linked to the collapse of Silicon Valley Bank, according to Investment Week. The two institutions acted as co-lead plaintiffs in the case.
The settlement is reported as an agreement in principle, meaning final terms and court approval remain subject to further steps in the litigation process. The primary source does not provide further detail on the allegations, the class definition, or the timing of any payments.
The case is notable for the prominence of Norges Bank Investment Management, the investment arm of Norway's sovereign wealth fund, which led the action alongside Sjunde AP-fonden, one of Sweden's national pension funds. Their co-lead role indicates that large institutional investors are actively pursuing claims against auditors following the failure of SVB.
The settlement is reported as an agreement in principle, meaning final terms and court approval remain subject to further steps in the litigation process. The primary source does not provide further detail on the allegations, the class definition, or the timing of any payments.
The case is notable for the prominence of Norges Bank Investment Management, the investment arm of Norway's sovereign wealth fund, which led the action alongside Sjunde AP-fonden, one of Sweden's national pension funds. Their co-lead role indicates that large institutional investors are actively pursuing claims against auditors following the failure of SVB.
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