US Edition The claim follows a guarantee made by the bank in 2008 to fulfil sponsor Hamleys' obligation, after the toy shop's Icelandic owner, retail group Baugur failed to pay up.
Baugur took on significant debt after a spending spree of British high street chains House of Fraser, Oasis and Karen Millen and though the Hamleys logo continued to feature on the Williams cars, Glitnir took over payments.
After the Icelandic banking sector collapsed last year, Glitnir bank was taken over by the Icelandic government and Williams has not received sponsorship payments since.
Concerns have been raised about the relationship between the Baugur group and Glitnir following speculation that certain Icelandic banks were lending their shareholders large interest-free loans. The Baugur tycoon Jon Asgeir Johannesson also controls an investment company which owned a third of Glitnir bank.
Last week, the Serious Fraud Office confirmed that they had launched an investigation into another Icelandic bank Kaupthing Edge as to why "substantial value" was extracted from the bank "in the weeks and days before it collapsed".