District Court Decision in a Recision Case Against Islandsbanki

18.06.2014
In April 2013 BYR filed a recision case against Islandsbanki hf. and claimed repayment of bonds it had redeemed prior to maturity.  The payments were made in February and March 2009 and totaled ISK 161 million.
On 18 June 2014 the District Court of Reykjavik ruled in favor of the Winding-up Board and judged Islandsbanki to repay BYR ISK 161 million plus interests and litigation cost.  District Court Case no E-1637/2013.
 
This is the second recision case filed by the Winding-up Board.  The first was against Virding hf. and was finalized with a decision of the Supreme Court on 30 January 2014, where the Supreme Court judged Virding to repay ISK 173 million.  Supreme Court Case no 545/2013.
 
Islandsbanki has three months from the ruling date of 18 June 2014 to appeal the judgment to the Supreme Court.