Bank of Cyprus defeats ICC insurance products claim
4 April 2013: Dutch newspapers with news of Cyprus' financial rescue just days after the state signed a €10 billion bailout deal (Credit: istock.com/Lya_Cattel)
An ICC tribunal seated in London has dismissed a €240 million claim against the Bank of Cyprus arising from a deal to sell insurance products entered by its predecessor-in-interest Laiki Bank ahead of its nationalisation and transfer of assets as part of a Cypriot bailout deal.
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