There is a lot of media attention that a hedge fund based in the Virgin Islands has issued a lawsuit against SEB for 200 million euro. SEB denies all the claims. According to The Times newspaper, which published the information, the hedge fund claims SEB waited too long to close the fund's option position during the financial crisis.
SEB confirms that a former SEB Future customer has sued the bank and there is an ongoing legal process that will be heard in an English court in the 2011 summer.
SEB denies all claims.
"We always act according to market practice and close positions when the customer doesn't respond to repeated demands on margin securities. At this time we can't comment further due to the pending litigation," says Olle Kallemur, SEB's press spokesperson.