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Court of Appeal finds for SpareBank 1 SMN

October 7, 2013 - London

Frostating Court of Appeal has thrown out an appeal entered by  Reinertsen AS, thereby upholding the acquittal of SpareBank 1 SMN and Bank 1 Oslo Akershus handed down by the court of first instance.

The court proceedings took place in September this year. The background was a writ filed by a firm of contractors, Reinertsen, demanding compensation of NOK 42.7 million. Reinertsen claimed that the banks had ignored their disclosure obligation towards the firm in connection with a construction loan provided to Residenskvartalet AS. Behind this company was Roll Severin AS, which went bankrupt in November 2010.

The banks rejected Reinertsen's demand, and the Frostating Court of Appeal found in the banks' favour. The court of appeal thereby upholds the judgment handed down in September 2012 by the South Trøndelag court of first instance. The court of appeal also ordered Reinertsen AS to pay the banks' costs of the case in the amount of NOK 2.7 million.

Contact persons at SpareBank 1 SMN:

CFO Kjell Fordal tlf 905 41 672
Head of Corporate Communications Hans Tronstad tlf 941 78 322

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

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Source: SpareBank 1 SMN via Thomson Reuters ONE



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