Appellate court rejects ERB Bank loan contract defense

Issues

The Budapest Municipal Court of Appeals ruled against ERB Eszak-magyarorszagi Regionalis Bank in a contract defense case on today. The appellate court also turned down the lender's request to refer the case to the Constitutional Court and to the European Court of Justice.

The lender is one of many to appeal a first-instance ruling rejecting a 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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