Personal Liability for Board Members and Shareholders Under the Norwegian Companies Act § 17-1 – District Court Ruling
Lawyers Pål Sverre Hernæs and Astrid Skorge Fisher secured a full judgment in favor of their client in a case concerning personal liability under section 17-1 of the Norwegian Companies Act (aksjeloven). Asker og Bærum District Court ordered three individuals — the chairman of the board, a board member, and a passive shareholder of a start-up company — to pay NOK 2,162,500 in damages on a joint and several basis, with default interest accruing from 4 August 2022. By the time judgment was handed down, the accrued interest exceeded NOK 900,000. The defendants were also ordered to pay NOK 772,962 in legal costs.