The verdicts of the District Court of Reykjavík in disputes regarding British and Dutch wholesale deposits
Verdicts have been issued in disputes regarding wholesale deposits of British and Dutch municipalities deposited in the London and Amsterdam branches of Landsbanki Íslands hf.
The District Court of Reykjavík reached the decision that the wholesale deposits are considered to be deposits under Act no. 98/1999 on Deposit Guarantees and Investor- Compensation Scheme. The District Court held the legal provisions on the priority of deposits to be valid legal grounds and thus binding. The verdict reached the decision that British and Dutch laws apply regarding the right for interests but claims for costs were rejected.
These verdicts are in accordance to the decision of the Winding-Up board.
The disputing parties have a two week grace period to appeal the verdicts to the Supreme Court of Iceland.
Unofficial translations of the verdicts: