Supreme Court Dismisses Laiki Bank Compensation Claim
The Cypriot Supreme Court unanimously dismissed a lawsuit filed by a Polish depositor seeking compensation of approximately 430,071 euros for the haircut at Laiki Bank in 2013. The court found that EU law supersedes bilateral investment protection agreements between member states. The Polish citizen had deposited 454,579 euros in a fixed-term account at Laiki Bank before March 2013.