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City of Reykjavík Wins Case against Kaupþing Bank

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City of Reykjavík Wins Case against Kaupþing Bank

Money - Icelandic Króna

Photo: Páll Kjartansson

The Supreme Court of Iceland acquitted the City of Reykjavík from a more than ISK 1.8 billion (USD 14.5 million, EUR 11.7 million) claim made by Kaupþing Bank in November 2008 with a ruling announced on November 6.

A six-year dispute between city authorities and the collapsed bank has now been concluded, the City of Reykjavík announced in a statement this week.

The dispute concerned the winding-up and settlement of three forward rate agreements and interest rate swaps the City of Reykjavík made in connection with the city’s risk management because of foreign loans in the city’s loan portfolio.

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