Appellate court rejects OTP leasing unit's defense of contract changes

Issues

The Budapest Municipal Court of Appeals on Thursday rejected OTP Ingatlanlízing's defense of unilateral changes that the leasing unit of OTP Bank made to retail foreign currency-denominated loan contracts. 

The court did make some changes to the first-instance ruling issued on December 12, 2014. 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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