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Iceland's Kaupthing Sues to Rescind $1.5 Billion Actions

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.

Kaupthing and two other Icelandic lenders defaulted on $85 billion in 2008, triggering an economic collapse in the north Atlantic island and an International Monetary Fund-led bailout.

The bank is now aiming to complete the winding-up proceedings by seeking an agreement with creditors which would give them a stake in the future value of the bank’s assets. Kaupthing has 5.2 billion euros ($6.4 billion) in assets and 17 billion euros in claims.

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