Iceland drops UK law suit over frozen bank assets

Iceland conceded there was "no probability" of its state being awarded compensation by a UK court after consulting a number of legal sources including the Icelandic Attorney General. Consequently, the Government of Iceland has dropped its politically-charged law suit 'at this stage' but still intends to 'examine exhaustively' other legal action. Its plans could still include dragging the UK to the European Court of Human Rights over the UK authorities' decision to use the Anti-Terrorism, Crime and Security Act against Landsbanki on 8 October last year. At the time, Brown slammed Icela...