Appellate court rejects OTP defense of contract changes
The Budapest Municipal Court of Appeals on Thursday rejected OTP Bank and OTP Jelzálogbank's defense of unilateral changes that lenders made to retail foreign currency-denominated loan contracts.
The court did make some changes to the first-instance ruling issued on December 5. Under legislation approved last summer, Hungarian banks must refund clients for unilateral modifications of contracts unless they can successfully defend the practice in court.
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