The decision by the Swedish consumer complaints board to dismiss a landmark 3,000-strong class action against Swedbank Robur for alleged closet indexing has been described as “damaging” by the Swedish Shareholders' Association, which represents more than 60,000 retail investors in the country.

The association - the largest network of retail investors in the world - had orchestrated a class action against €70 billion manager Swedbank on behalf of around 3,000 people for the alleged mis-selling of two funds, Allemansfond Komplett and Kapitalinvest. It lodged the group action against the fund manager with complaints board ARN in December 2014.