Appeals court confirms first-instance ruling against UniCredit Bank

Issues

The Budapest Municipal Court of Appeals confirmed on Tuesday an earlier court ruling rejecting the loan contract defense case of UniCredit Bank against the state of Hungary, national news agency MTI reported today.

The ruling is not appealable.

The lender was one of many to appeal a first-instance ruling rejecting its defense of unilateral changes made to loan contracts.

Legislation approved in the summer requires lenders to compensate clients for such changes unless they can successfully defend the practice in court.

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