Verdict concerning voiding of payments on money market deposits

Yesterday the District Court of Reykjavik in case no. E-6440/2011 reached a verdict in the first of cases in which LBI had filed for approval the voiding of payments made to so-called money market deposits. According to the Decision, the voiding claim was accepted and the defendant, which is a foreign financial institution, was sentenced to pay LBI ca. ISK 80mn plus penalty interest and legal costs. LBI has brought 19 actions for voiding of payments towards money market deposits and has claimed reimbursement of ca. ISK 42bn plus interest and legal costs.

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