Telegraph 20 Oct 09: Kaupthing loses legal action against Treasury over assets

Category: Newspaper & Media Reports

The High Court ruled on Tuesday that it was legal for British authorities to hand over Kaupthing's UK retail accounts to ING Direct over fears about its stability.
The Icelandic bank brought a judicial review to question the legitimacy of the Treasury's use of emergency powers, claiming that this ultimately brought down the entire bank.
But the High Court ruled that the Treasury was allowed to act to maintain the stability of the UK financial system. ...

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