Kaupthing, Bank Of Tokyo-Mitsubishi Win OK For Deal

Law360, New York (June 2, 2010, 3:05 PM EDT) -- Bankrupt Icelandic company Kaupthing Bank HF has won approval in U.S. proceedings to settle a dispute with Bank of Tokyo-Mitsubishi UFJ Ltd. over claims to $50 million transferred in connection with a foreign currency exchange agreement.

Judge Martin Glenn issued an order Wednesday in the U.S. Bankruptcy Court for the Southern District of New York approving the settlement, allowing Kaupthing to pay $1.9 million to the Japanese financial firm in exchange for the termination of an adversary suit and the waiving of claims to funds in...
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