The joint administrators of failed Landsbanki Guernsey have received the go-ahead to take legal action against Iceland, in a bid to recover as much money as possible for savers with money trapped in the bank.
Depositors with cash frozen in the collapsed bank voted by an overwhelming majority for the administrators to pursue a legal resolution, at a hearing of the Royal Court of Guernsey on 9 September. The joint administrators are pushing for equitable treatment for depositors in the bank, as IceSave savers have been bailed out by the UK and Dutch Governments, which were prioritised over Guernsey. The state's move follows the Icelandic Government's implementation of the "Emergency Laws" the day before Landsbanki went into administration on 7 October 2008, which gave priority for certain ca...
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