The University of Oxford, along with five British local authorities, is filing a lawsuit against the now defunct estates of Glitnir Bank and Bayerische Landesbank. A source for news website Vísir claims that up to fifty court summons against the bank could be on the way. The claims come to approximately 50 billion krónur (£205 million, €250 million, $306 million).

The lawsuit is being filed to try and reclaim the deposits that the respective parties had in accounts with Glitnir in the UK. The suit which has just been filed is considered to be a test case; if the suing party wins, then Glitnir can expect around fifty more similar cases, expect to come to 50 billion krónur (£171 million, €208 million, $255 million).

In addition to the University of Oxford, there are other universities who are demanding their money back from Glitnir. However, most claims are coming from local authorities. One local authority which has come off worse than others is Kent County Council, which also lost approximately £50 billion (€60 billion, $74 billion) in Icesave, a former subsidiary of Landsbanki.

Source: visir.is
Image: net_effekt

Labels: Glitnir, Kreppa, Landsbanki, UK