Bank Of Cyprus Hits Back At €28M Mortgage Portfolio Suit

Law360, London (November 9, 2020, 3:54 PM GMT) -- The Bank of Cyprus has said that a company accusing it of misrepresenting assets that it sold should have known about a "notorious" feature of the country's mortgage rules that meant borrowers might not pay back some of the loans in the portfolio.

The Cypriot bank said in a filing at the High Court on Oct. 19 that a portfolio it sold to Helix Subco SARL in 2019 was made up of mortgages on properties in Cyprus that would not necessarily be paid back.

The Luxembourg-based company is suing Bank of Cyprus Public Co. Ltd. for selling it a portfolio of...

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