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ECJ Says Hungarian Loan Cancellation Rules Breach EU Law

Law360, London (March 14, 2019, 9:02 PM GMT) -- The European Court of Justice said Thursday that Hungarian legislation preventing the retroactive cancellation of a foreign-currency consumer loan with terms that created an exchange-rate risk for the borrower runs afoul of European Union law.

The preliminary ruling came at the request of the Central District Court in Buda, Hungary, which sent an inquiry to Europe’s top court arising from a case before it, brought by a woman challenging the terms of a loan she secured with Erste Bank Hungary.

The loan terms were for Swiss francs provided to the borrower in Hungarian florints — an exchange based on the buying...

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