City of Reykjavík Wins Case against Kaupþing Bank Skip to content

City of Reykjavík Wins Case against Kaupþing Bank

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.

Sign up for our weekly newsletter

Get news from Iceland, photos, and in-depth stories delivered to your inbox every week!

* indicates required

Subscribe to Iceland Review

In-depth stories and high-quality photography showcasing life in Iceland!

Share article