A Luxembourg court has brought a 15-year-old financial crisis case to a close, finalising a consent judgment against three former Kaupthing Bank managers who accepted a €75,000 fine.

A complex legal case stemming from the 2008 financial crisis has been resolved, with three former managers of Kaupthing Bank Luxembourg SA accepting a consent judgment and a €75,000 fine.

A Luxembourg court announced the ruling on Wednesday, bringing closure to proceedings that began 15 years ago with a complaint from the Financial Sector Supervisory Commission (CSSF), following the bank's collapse 17 years ago.

The case centred on a series of transactions made shortly before the bank's failure during the 2007-2008 financial crisis. These transactions were suspected of involving forgery, misappropriation of company assets, and money laundering. Of the five original suspects, four were formally charged, with the three individuals now convicted admitting their guilt.

The judiciary has not released the names of the convicted individuals. In a related case in 2013, three Kaupthing managers were sentenced to prison for fraud by a court in Iceland.

Following the crisis, Kaupthing Bank underwent a highly complex restructuring. Parts of the bank were taken over by other financial institutions, partly with loan support from the Luxembourg and Belgian states. This process ensured that clients ultimately received their money back through funds that guarantee deposits.