Those who sued central bank over 2013 crisis could have legal fees slashed

Individuals or entities who sued the Central Bank of Cyprus (CBC) over bonds linked to Bank of Cyprus or former Laiki bank relating to the 2013 financial crisis may be entitled to reduced legal expenses, it emerged on Monday.

In an announcement, the CBC specified it would be accepting applications detailing requests for reduced payment for legal fees over lawsuits against the CBC set to be withdrawn or have already been withdrawn and have outstanding legal expenses ruled to be paid to the CBC.

Additionally, cases which have gone to court and ruled in favour of the CBC with legal fees set to be paid to the CBC, are also eligible for reduced payment.

For individuals or entities whose lawsuit is still pending in court, the reduced legal fees could be up to 80 per cent of the total fees.

In some cases, the expenses can be scrapped entirely. This includes individuals who receive Guaranteed Minimum Income, pensioners who receive the ‘small cheque’ or legal entities that are now dissolved or liquidated.

Instances where individuals did not earn more than €35,000 in 2021 can have their legal dues slashed by 70 per cent.

Individuals or legal entities that do not fall into any of the above categories could see their legal expenses cut by 30 per cent.

Details on the procedure that need to be followed will be available on the CBC website on July 10. The deadline for applications is September 8 at 2:30pm.

More information can be found at 22714600 or https://www.centralbank.cy/el/announcements/03-07-2023