Top EU Court Urged To Allow Tweaks To Unfair Loan Deals

Law360, London (March 23, 2020, 8:28 PM GMT) -- European Union rules allow national courts to eliminate a term it deems unfair from a foreign currency loan agreement, a senior legal adviser to the bloc’s highest court has said.

In a nonbinding opinion issued March 19 to the European Court of Justice, Advocate General Juliane Kokott said the court should rule that an EU directive on unfair terms in consumer contracts “must be interpreted as meaning that a national court is not prevented from removing an unfair term and substituting it with a supplementary rule that replaces the formal balance between the rights and obligations of the parties with an...

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