Norwegian wealth fund co-leads U.S. class action

Norway's $1.5 trillion sovereign wealth fund has been appointed to co-lead a U.S. securities class action related to the now-bankrupt Silicon Valley Bank. The collapse of SVB in March triggered a major banking shock, impacting global bank stocks. The Norwegian fund, the world's largest single stock market investor, held a 1% stake in SVB valued at $137.9 million. It aims to maximize recoveries and signal unacceptable market behavior.