Terra Securities scandal

The Terra Securities scandal was a scandal that became public in November 2007. It involved highly speculative investments by eight municipalities of Norway in various hedge funds in the United States bond market. The funds were sold by Terra Securities to the municipalities, while the products were delivered by Citigroup. The municipalities involved were Narvik, Rana, Hattfjelldal and Hemnes in Nordland county, Vik and Bremanger in Sogn og Fjordane county, Haugesund in Rogaland county, and Kvindesdal in Vest-Agder county. All of these municipalities were large producers of hydroelectricity.

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