Iceland's Kaupthing Sues to Rescind $1.5 Billion Actions

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2012-07-26 23

The caretakers of failed Icelandic lender Kaupthing Bank hf have filed about 50 lawsuits in order to rescind transactions that were executed in the last months prior to the bank’s collapse.

“The aggregate nominal amount claimed by Kaupthing in these cases is equivalent to approximately 180 billion Icelandic” kronur ($1.5 billion), the bank said in an e-mailed statement from Reykjavik.

See also the announcement by K hf here: