Budapest Court Rules Against Budapest Bank

  • 19 Sep 2014 9:00 AM
Budapest Court Rules Against Budapest Bank
The Municipal Court of Budapest rejected Budapest Bank’s defence of its unilateral changes to borrowers’ contracts in an appealable ruling, saying that the changes did not satisfy stipulated requirements, particularly with regard to transparency and balance.

 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.

Source www.hungarymatters.hu

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