Date set for Newham Council’s Icelandic bank court battle
A COURT battle over millions of pounds of Newham Council money frozen in Icelandic banks is set to begin next month.
A total of �7million of Town Hall cash was effectively placed out of reach when Iceland’s financial institutions went into meltdown in October 2008.
The council had �2m invested with Landsbanki and �5m with Glitnir.
Lawyers for the authority have filed written submissions with the District Court in Reykjavik.
A full hearing is expected to take place next month, according to a report to the council’s cabinet.