Norway wealth fund did not discriminate against employee, court rules

The central bank, which pushes the firms it invests in to have more women on their boards and to combat all forms of discrimination, had denied the allegations. The court said Bull Daae should pay costs incurred by the central bank totalling some 1.9 million crowns.

Norway's $1.4 trillion wealth fund did not discriminate against an employee and will not have to pay her damages as she had sought, a court ruled on Thursday. Elisabeth Bull Daae, head of trading analytics at Norges Bank Investment Management, had sued the unit of the central bank managing the fund for 16 million crowns ($1.54 million) in compensation and damages for workplace gender discrimination.

"Norges Bank is acquitted," the court ruled. The central bank, which pushes the firms it invests in to have more women on their boards and to combat all forms of discrimination, had denied the allegations.

The court said Bull Daae should pay costs incurred by the central bank totalling some 1.9 million crowns. ($1 = 10.6157 Norwegian crowns)