Iceland Central Bank Governor Loses Lawsuit Over Salary Cut
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.”
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