Monckton Chambers’ Tim Ward QC has successfully steered the Icelandic Government to victory in the European courts, with a ruling yesterday (28 January) meaning that the country is not obliged to repay Britain and the Netherlands for rescuing savers in the collapsed Icesave bank.
A European Free Trade Association (EFTA) court in Luxembourg dismissed an application brought by the EFTA Surveillance Authority and the European Commission (EC), with Ward defending the Icelandic Government from allegations that it failed to guarantee minimum levels of compensation to savers in the bank.
Iceland’s Foreign Minister, Össur Skarphéðinsson, described Ward as “a legal masterpiece” after the ruling.
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