Appeals court rejects Ersteʼs contract defenses
The Budapest Municipal Court of Appeals on Thursday upheld a first-instance ruling rejecting contract defenses by Erste Bank Hungary. The case is related to the bankʼs regulations on unilateral changes to forint loan contracts.
The appeals court also rejected Ersteʼs request to the court to bring the case before the Constitutional Court and to initiate a preliminary ruling procedure with the European Court of Justice. Under borrowersʼ relief legislation approved last year, lenders must refund clients for unilateral changes to loan contracts if they cannot successfully defend the practice in court.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
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.