Legal cases against old Icelandic banks multiply

kronur1It seems that some 1,000 cases will be brought against the old bankrupt Icelandic banks in Icelandic courts over the coming weeks and months. 200 cases have already been filed with the Reykjavik District Court.

This information comes from a communication released yesterday at a Kaupthing debtors’ meeting. According to the Kaupthing resolution committee, the Icelandic authorities had not expected anything like this number of court cases.

The communication also stated that Kaupthing’s debts have reduced by around ISK 400 billion since the new year when whole debt stood at ISK 7,300 billion and now stands at ISK 6,900 billion, RUV reports (approximately USD 53 billion).

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