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Negotiation of favorable settlement chips the ice of outstanding debt for Icelandic bank client

Representation of an insolvent Icelandic bank in relation to potential claims against another major international bank arising from various outstanding foreign exchange positions at the time of the insolvency of the Icelandic bank in 2008. Complex legal and factual accountancy points arose as to the proper calculation of amounts due in relation to the underlying derivatives. The opponent denied that any sums were due to our client above those it had already paid but, following a number of hard-fought negotiations, agreed to a confidential settlement agreement pursuant to which it would be required to make a further payment of €19 million.