Icelandic court upholds KSFIOM appeal

KSFIOM Depositors Action Group (KSFIOMDAG) has been informed by its Icelandic lawyers that their appeal in relation to the parental guarantee has been won. The Supreme Court of Iceland ruled on 10th June 2011 that the guarantee signed by the Icelandic CEO on behalf of Kaupthing hf was valid and binding on the bank. Depositors with the failed Isle of Man-based bank have always argued that it was the parental guarantee advertised in marketing literature that helped persuade them to deposit funds with the bank. KSFIOMDAG said it welcomed the decision, although it was unhappy about the len...