Glitnir sued by 16 lenders

Glitnir sued by 16 lenders

Bloomberg
The lawsuit, released by London's High Court Tuesday, is the one of four separate cases filed in the U.K. seeking at least 200 million pounds from Glitnir. The bank was seized by Iceland's government in October when short-term funding dried up.

DZ Bank, Germany's largest cooperative lender, is suing along with financial institutions such as the Royal Bank of Scotland, and the Irish units of Intesa Sanpaolo and Commerzbank. They hope to recover their loans plus interest, running at 25,000 pounds per day.

Separately, Sumitomo Mitsui Banking is part of a three-bank group suing Glitnir for 47.8-million pounds ($74 million) with Munich-based Bayerische Landesbank and HSN Nordbank's Copenhagen branch.