British designer Karen Millen lost millions in the Icelandic banking crash, and now she’s filing legal claims against Kaupthing.
Millen, who established herself as an influential force in the fashion world in recent years, had millions tied into the Icelandic banking system, along with her ex-husband and business partner Kevin Stanford. The crash of October 2008 wiped them out, but now, the Guardian reports, they intend to go to court against Kaupthing to get it back. The amount being sought altogether goes beyond 500 million GBP.
The decision to go ahead with legal charges was made after Millen had learned that many of Kaupthing’s dealings involved market manipulation and purposefully deceiving investors that the bank was solid.
“In my opinion, it is quite wrong that a bank can pretend to have money and security which it doesn’t have, generate a false balance sheet and use its own customers to fund acquisition ambitions,” Millen told reporters. “The customers and partners of the banks lost their assets, large chunks of the UK high street became owned by the Icelandic liquidators … This is simply wrong and I am not going to rest until I have my company completely restored to me.”
In another suit, Stanford is going after Kaupthing in Luxembourg for half a billion GBP. Among the assets he wants returned to him is his 25% stake in Burberry.
“I will not rest until I have my company completely restored to me,” Millen said.