Swedish Pension Saver Loses Appeal in Falcon Funds Fraud Case

The individual pension saver Daniel Edencrona sued the state for 20,000 kronor in the aftermath of the extensive Falcon Funds scandal but lost in the district court. Now, the Svea Court of Appeal is upholding the district court's verdict.

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Swedish Pension Saver Loses Appeal in Falcon Funds Fraud Case
Photo: Pontus Lundahl/TT

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The background to the verdict was that money from pension savers' premium pension accounts was transferred to Falcon Funds' funds with the help of forged documents. And that the Pensions Agency did not have a system to detect the fraud.

The men behind Falcon Funds have been sentenced to several years in prison for draining the pension system of billions.

The state, via the Pensions Agency, has in turn claimed that pension savers could have requested correction as soon as a confirmation of the fund transfer was sent to them, which was not done.

Fredrik Bergman Evans, head of the Centre for Justice, who is handling the case on behalf of Daniel Edencrona, says in a comment that they will take the case further.

"This is a bad message for Swedish pension savers. Individuals must be able to trust that their pension money is safe in the state's hands. Despite the state lacking basic security in the system, it is now the pension savers who are taking the hit. We will take the case to the Supreme Court", says Fredrik Bergman Evans in a written comment.

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By TTEnglish edition by Sweden Herald, adapted for local and international readers

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