Alecta to lead class action lawsuit against First Republic Bank

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U.S. regulators on May 1 seized First Republic Bank and sold its assets to JPMorgan Chase & Co (NYSE:JPM), in a deal to resolve the largest U.S. bank failure since the 2008 financial crisis and draw a line under a lingering banking turmoil.

Sweden’s largest pension fund provider lost 19.6 billion crowns ($1.92 billion) from share holdings in First Republic Bank, Silicon Valley Bank and Signature Bank (OTC:SBNY).

“We have a duty to take the legal measures we can to recover as much of the capital as possible after the collapse of First Republic,” Alecta CEO Peder Hasslev, said in a statement.

The process is being conducted with the help of U.S. litigation lawyers, Alecta said.

Norway’s sovereign wealth fund and Swedish pension fund AP7 were last week named co-lead plaintiffs in an ongoing class action relating to the now-bankrupt Silicon Valley Bank (SVB).