Weil Gotshal takes lead as Kaupthing sues UK Govt
Weil Gotshal & Manges has landed a leading role advising Kaupthing after the Icelandic bank decided to bring a suit against the UK Government. Weil Gotshal's City arm has been advising Kaupthing since last year and has been asked to look into the decision taken by Kaupthing Bank's Resolution Committee to bring an action on the Bank's behalf against the Treasury.
January 07, 2009 at 06:53 AM
2 minute read
Weil Gotshal & Manges has landed a leading role advising Kaupthing after the Icelandic bank decided to bring a suit against the UK Government. 
Weil Gotshal's City arm has been advising Kaupthing since last year and has been asked to look into the decision taken by Kaupthing Bank's Resolution Committee to bring an action on the bank's behalf against the Treasury.
The action was prompted by the UK Financial Services Authority's move to take control of the operations of UK banking arm Kaupthing Singer & Friedlander, which the Resolution Committee alleges resulted in the insolvency of the parent company.
The move has the full backing of the Icelandic Government which last month (20 December) saw Iceland's Parliament authorise the Minister of Commerce to provide financial support for the litigation.
The claim, which has yet to be filed, will be issued in the UK if it goes ahead.
In addition, the Icelandic Government has decided to not bring a suit in a UK court against the UK authorities in relation to the freezing order issued over Landsbanki on 8 October, after obtaining advice from Lovells.
However, the Icelandic Government said it "intends to examine exhaustively other options for international legal action, including in particular the European Court of Human Rights" and has made a formal request for the Freezing Order to be cancelled.
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