Appeals court postpones decisions in Raiffeisen Lizing case

Issues

The Budapest Municipal Court of Appeals on Wednesday postponed a decision in an appeal brought by Raiffeisen Lizing, the leasing unit of Hungary's Raiffeisen Bank, against a ruling rejecting the lender' defense of unilateral contract changes, to October 22, Hungarian news agency MTI reported yesterday.

 The appeals court also declined to decide on a request by Raiffeisen Lizing to turn to the Constitutional Court and the European Court of Justice on the borrowers' relief law passed in July regarding refunds due from banks to clients, and on the law on settlement, recently approved by Hungarian Parliament. Under the legislation approved in July, Hungarian banks must refund clients for unilateral modifications of contracts unless they can successfully defend the practice in court. Legislation approved late October specifies dates and procedures of the refunds.

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