LBI wins 11 Money Market cases at the Reykjavik District Court
On 28 March 2018, the Reykjavik District Court announced its judgment in 11 Money Market test cases rejecting all claims against LBI but not awarding any legal cost. These 11 cases were selected as test cases from a pool of 219 similar Money Market cases against LBI.
As per LBI’s 2017 year-end published financial information, LBI has placed on escrow a total of EUR 5.5 million in DMP allocations and Convertible Notes redemptions, and EUR 1.6 million in outstanding Convertible Notes against all 223 Money Market claims.
The 11 judgments are all subject to be appealed within the next four weeks to Landsrettur by the claimants or will otherwise be considered final.