Erste loses contract changes defense case
The Municipal Court of Budapest rejected Erste Bank Hungary's defense of changes it made to borrowers' contracts in an appealable ruling on Wednesday, according to Hungarian online daily origo.hu.
The court ruled that the lender had violated the principles of transparency, proportionality and objectivity, among others.
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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