Greek Investors Can Proceed With €300M Cyprus Claim
By Caroline Simson (February 10, 2020, 10:38 PM EST) -- An international tribunal has greenlighted arbitration initiated by nearly 1,000 Greek bank depositors and bondholders who say they sustained heavy losses following Cyprus' 2013 financial crisis, marking what appears to be the first mass arbitration since bondholders filed claims against Argentina beginning in 2007.
The International Centre for Settlement of Investment Disputes tribunal concluded that it has jurisdiction over the claims in which the investors — composed of seven companies and a group of 951 Greek bank depositors and bondholders — accuse Cyprus of rendering their bonds worthless and substantially decreasing their deposits' value when Laiki Bank was merged with the...
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