PwC Demands Dismissal of Glitnir Lawsuit

The lawyers of the auditing firm PricewaterhouseCoopers (PwC) believe that the lawsuit of the winding-up committee of Glitnir Bank against the firm, which the committee filed in New York, is a violation of an agreement between Glitnir and PwC in relation to Glitnir’s tender of commercial papers in the US.


The headquarters of Glitnir, now Íslandsbanki, in Reykjavík.

Therefore PwC’s lawyers submitted a demand for the case’s dismissal at the New York court yesterday, Fréttabladid reports.

PwC is being sued along with seven individuals, known as Jón Ásgeir Jóhannesson’s “gang”. Glitnir’s winding-up committee is demanding ISK 260 billion (USD 2.1 billion, EUR 1.6 billion) because of the tender, which the winding-up committee believes had the sole purpose of collecting money for Glitir which the Jóhannesson seven could then claim for themselves.

PwC’s lawyers claim that in an agreement between the firm and Glitnir, the bank agreed only to file charges against the firm regarding legal disputes in Iceland. Therefore the case should be dismissed.