Icelandic Courts find for U.K. Insurers – D&O Insurance
birt 9. janúar 2019
On 28 December 2018 the District Court of Reykjavik handed down decisions in three court cases, where LBI ehf. (formerly Landsbanki Islands hf.) had issued proceedings against their former directors and officers and U.K based Insurers (who had placed a Directors‘ & Officers‘ Liability Insurance for Landsbanki Islands hf. in 2008). Vidar Ludviksson and Hildur Yr Vidarsdottir, attorneys at Landslog, acted for the Insurers in the court proceedings, which are the most extensive civil proceedings in Icelandic history (where the proceedings at the District Court level took around 7 years). LBI ehf.‘s claims amounted to roughly 376 million euros plus interest and costs. The District Court dismissed two of the cases and found for the Insurers and other defendants in a substantive judgment in the third case.