When Iceland’s Glitnir banki hf. unveiled its U.S. satellite office inside the penthouse of a Manhattan skyscraper in September 2007, then-chairman Thorsteinn Jónsson publicly compared the event to the Viking landings in America a millennium ago.
A year later, Glitnir and two other Icelandic banks imploded spectacularly. And once again, Glitnir has invaded American shores, this time in the form of a $2 billion fraud suit lodged May 11 in New York state court. Defendants in the suit, filed by the now-bankrupt bank’s foreign representative, Steinunn Guðbjartsdóttir, include Jónsson, six former executives and directors, and Glitnir’s auditor, PricewaterhouseCoopers.
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