Appeals court postpones ruling in Sberbank case

Issues

The Budapest Municipal Appeals Court today postponed the announcement of its ruling until October 28 in an appeal brought by Sberbank Magyarország, Hungarian subsidiary of Russian parent, against a ruling that rejects the lender's defense of unilateral contract changes.

In the appeal the Hungarian unit asked the court, again, to turn to the Constitutional Court.

In line with 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 the dates and procedures of the refunds.

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