Banks Can't Use Legal Deadlines To Block EU Consumer Suits

Law360, London (June 10, 2021, 5:14 PM BST) -- Europe's highest court ruled on Thursday that consumers seeking to strike out unfair loan agreements cannot be blocked by statutes of limitations under the bloc's consumer protection rules.

The European Court of Justice said that a 1993 European Union directive on unfair terms in consumer contracts does not allow member states to subject claims brought over such terms to any limitation period. This is because contract terms that are found to be unfair were never binding on consumers and therefore must be treated as though they had never existed, the ECJ said.

The underlying suits were brought by 12 consumers who...

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