Elle Macpherson wins landmark ruling in Manx court

Image caption,
Kaupthing Bank said Elle Macpherson should be treated like any other creditor

Supermodel Elle Macpherson has been awarded £2.5m by the Isle of Man High Court in a dispute with the Manx branch of the Kaupthing Bank.

The money was from a house deposit owed to Ms Macpherson who had a mortgage with the collapsed Icelandic bank.

The bank had argued she ought to be treated like any other creditor.

But Ms Macpherson's legal team said the bank should have treated it as an "equitable set off" where the mortgage is offset against the deposit.

The model had borrowed money to buy a house in London, which she subsequently sold.

The liquidator had claimed she should wait like other depositors for the return of her money, but still owed KSF for the mortgage, as it was in her company's name.

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