Another Court "no" to Laiki depositors

The Court also dismissed another depositor's claim related to the impairment of deposits in 2013

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The choice of the reorganization of Laiki Bank, pursuant to relevant legislation, was essentially the best to avoid disastrous consequences for the Cypriot economy and society in general, and the plaintiff depositor was not put in a worse position than it would have been if the reorganization measures had not been chosen were taken by the State to the former Laiki Bank, by virtue of the "Consolidation of Credit and Other Institutions Law of 2013".

The above mentions, among other things, a decision of the District Court of Limassol, dated September 8, 2023, by which it rejected a lawsuit on the constitutionality of the 2013 consolidation measures, which was directed against the former Laiki Bank, the Central Bank and the Republic of Cyprus.

Accordingly, the Court dismissed all of the plaintiff's claims and awarded costs in favor of the defendants, the Legal Service said in a statement.

On behalf of the Attorney General of the Republic, the case was handled by the Attorney General of the Republic Ms. Zakelina Erotokritou and the Attorney Mr. Angelos Panagi.