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Iceland Central Bank Governor Loses Lawsuit Over Salary Cut

Oct. 3 (Bloomberg) -- Iceland’s central bank Governor Mar Gudmundsson lost a lawsuit he filed against the bank for lowering his salary, the Reykjavik District Court ruled.

Gudmundsson was appointed governor of Sedlabanki in August 2009 on a 1.6 million kronur ($13,007) monthly salary. An independent wage commission that determines the pay of government executives reduced his salary to a total of 1.3 million kronur in March 2010, prompting Gudmundsson to sue the bank demanding that the commission’s decision be invalidated.

The arguments of the plaintiff “don’t lead to a ruling in his favor,” according to the ruling posted on the court’s website. “Because of that the defendant is acquitted of all the demands of the plaintiff.”

To contact the reporter on this story: Omar R. Valdimarsson in Reykjavik valdimarsson@bloomberg.net.

To contact the editor responsible for this story: Jonas Bergman at jbergman@bloomberg.net.

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