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Court rules against UniCredit

Issues

The Municipal Court of Budapest rejected UniCredit Ingatlanlízing's defense of changes it made to borrowers' contracts in an appealable ruling on Thursday. The court reportedly said in a verbal justification that UniCredit Ingatlanlizing's contracts did not meet stipulated requirements in several regards, particularly concerning transparency.

Under legislation approved in the summer, Hungarian banks must refund clients for unilateral modifications of contracts unless they can successfully defend the practice in court.

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