Cyprus: Bailout Lawsuits Moving at a Snails Pace
Five years later, the thousands of private lawsuits origniateing in courts in Cyprus against the March 25th 2013 bail-in, are yet to begin a single case proceeding. However, the presumption of innocence should always be reiterated, no government official, European official, banker or EU body has been adjudged against.
This is not unlike the grander scale of things as only one top banker has ever gone to jail for the financial crisis in 2008.
In 2014, Credit Suisse executive, Kareem Serageldin, was found guilty of lying about the value of his bank’s securities. This is irrespective of the fact that AIG, Citigroup, Lehman Brothers, Merrill Lynch and numerous others had also admitted that they were in much worse shape than they initially permitted.
Legal action by burned savers at the Bank of Cyprus and now-defunct Laiki Bank started multiplying in the aftermath of the Eurogroup decision of March 25th 2013 which green-lighted the seizure of uninsured (over EUR €100,000) deposits.