Failed Iceland Bank Loses €73M Securities Valuation Fight

Law360, London (March 20, 2017, 7:32 PM GMT) -- Failed Icelandic bank Landsbanki Islands hf on Monday lost its challenge in London’s High Court over the valuation of securities held as collateral by units of Austrian Raiffeisen Zentralbank Österreich AG in trades that were still open shortly before LBI collapsed in 2008.

Raiffeisen argued that the assets were worth €73 million ($78 million). Judge Robin Knowles ruled that Raiffeisen had served the default notices on LBI correctly on Oct. 8, 2008, a day after LBI’s collapse, and that its attempts to value the securities it...
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