Tort cases in Iceland after the bank crash in 2008

Abstract

In my brief comments I want to reflect a little bit on the situation in Iceland in regards to the topic we are discussing in this session, i.e. tort litigation within the financial market.
Before the bank crash in Iceland in 2008, during which all the major banks collapsed in three days, there were not many tort cases concerning the financial market. After the crash there has been a boom of such cases, which are still being litigated in the courts and will be for the upcoming years. There are mainly three types of cases. Firstly, tort cases brought by individuals and companies directed at the banks that collapsed, which are in a winding- up procedure. Secondly, tort cases brought by the collapsed banks (winding- up boards) against the directors, board members and accountants of the banks. Thirdly, some cases have concerned the Icelandic state. I want to spend some time on each type of cases.