SEB Estonia compensates clients over fund devaluation

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SEB Estonia compensates clients over fund devaluation

Nov 05, 2008
By Matt Withers

COMPENSATION: SEB’s Estonian branch said that it would cover losses incurred by investors following the surprise devaluation of one of its most stable liquidity funds.

TALLINN - Following an exodus of unsatisfied customers, SEB Estonia has announced that clients would be fully compensated for losses incurred by the devaluation of liquidity fund units. The bank’s announcement, made on Oct. 30, was likely impelled by fierce client objection to the 13.05 percent devaluation made three days earlier. The outrage has been centered on the claim that SEB billed the fund as being ‘risk-free,’ a statement clearly not reflected by the bank’s negative reassessment of the ...

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