January 5, 2017 / 3:21 PM / 9 months ago

U.S. funds appeal EFTA body ruling in Iceland bond case

LONDON (Reuters) - U.S. funds Autonomy and Eaton Vance have appealed an arbitration body decision in November to throw out a complaint that Iceland unfairly froze bonds they own as it readied to lift capital controls last year.

The funds had argued the move was disproportionate and effectively discriminated against foreigners, but the European Free Trade Association (EFTA) closed the case, judging that Reykjavik’s actions had been lawful.

Documents seen by Reuters show the appeal was dated December 20 and requested the EFTA to declare the November ruling void and for Iceland to pay “costs of the present proceedings”.

Reporting by Marc Jones; editing by Patrick Graham

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