“Big depositors- many of them Russian — face losses of up to 40 percent as the result of a so-called ‘bail-in’ to back 10 billion euros in EU financial aid to stabilize the Cypriot banking system. ‘It’s worth trying, it’s not going to be easy, its not going to be a one-off, 24-hour court case, but the nature of the action itself sounds like expropriation,’ said Andrey Goltsblat, at law firm Goltsblat BLP. There could be a basis to sue either Cyprus or individual banks, say lawyers who have been contacted by current and prospective clients seeking redress. ‘People are just frustrated and … are trying to find a way to get their money off Cyprus,’ said Goltsblat.”
