Buda-Cash, DRB managers could face lawsuits

Analysis

Due to recent changes to the Hungarian Civil Code, the managers of scandal-ridden brokerage Buda-Cash and DRB bank group could be sued by tens of thousands of clients, Hungarian daily Népszabadság reported today.

Managers of financial institutions who cause damages to clients because of bad decisions may now be held accountable, lawyer Gábor Magyar told the daily. He added that he had already been approached by 200 potential claimants affected by the scandal at Buda-Cash and DRB bank group. According to the lawyer the first suits could be filed within a few weeks.

The lawyer believes it would be impractical to file a single suit involving all claimants, considering their varying interests.

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.

Support the BBJ

Statistics