Norway's Wealth Fund and Sweden's AP7 Reach a $224.5 Million Settlement With KPMG in the Silicon Valley Bank Class Action, Subject to Court Approval

On 6 November 2026 Norges Bank Investment Management (NBIM), which runs Norway's sovereign wealth fund, announced a settlement in principle of $224.5 million with KPMG LLP, the former external auditor of Silicon Valley Bank. NBIM and the Swedish pension fund Sjunde AP-fonden (AP7) are co-lead plaintiffs in the US securities class action that followed the bank's collapse in March 2023. The settlement is on behalf of the class of investors, it is subject to court approval, and the case continues against the other defendants.

The numbers

The settlement came after more than three years of litigation. NBIM's chief executive, Nicolai Tangen, called it an important first step toward recovering investor losses from one of the largest bank failures in US history, and said the case has helped strengthen legal protections for investors. KPMG said the settlement is not an admission of wrongdoing and that it stands by its work. NBIM held about 1% of Silicon Valley Bank at the end of 2022, a stake valued at $137.9 million according to the fund's own disclosures. The $224.5 million figure covers the whole class of investors, so it is not a measure of what NBIM itself will recover, and neither NBIM nor AP7 has said what share of the settlement they expect to receive. The NBIM announcement gives no timetable for court approval.

What it signals

This is a market signal about LP behaviour, not about a fund close or an allocation. A sovereign wealth fund and a pension fund have taken the lead plaintiff role in a US securities case for more than three years, which suggests stewardship is an active function at both institutions. NBIM is also an active private market investor. We covered NBIM's infrastructure commitment to CIP's CI VI fund and its third-quarter loss and unlisted renewable infrastructure return in recent weeks, so the same institution that writes cheques to funds also enforces investor rights when a portfolio company fails.

What a fund manager should do

This section is our advice, not guidance from NBIM or AP7. If you pitch either institution or an LP with a similar governance posture, expect questions on how you handle investor protections: how your fund documents treat claims and recoveries tied to portfolio holdings, what you disclose when an auditor or counterparty fails, and how you escalate. Put those answers in your due diligence questionnaire responses before you are asked. Nothing in the announcement suggests either LP will change how it selects managers.

What to watch next

Watch for the court's decision on whether to approve the KPMG settlement, and for any settlement with the other defendants. The announcement says the case continues, so further news is likely. FundLinx members can see how large LPs are positioned.

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