Bloomberg News

OTP Loses Lawsuit on Swiss-Franc Mortgage, Azenpenzem.hu Reports

May 29, 2012

OTP Bank Nyrt. (OTP), Hungary’s largest lender, lost a lawsuit against a retail customer in connection with foreign-currency calculation methods used for the repayment of a Swiss-franc mortgage, news website azenpenzem.hu said, without saying how it obtained the information.

The lender initiated the lawsuit after a financial arbitration board operating under the auspices of the financial market regulator ruled that OTP should pay back about 600,000 forint ($2,521) in foreign-exchange differences, the news website said, citing Istvan Binder, a spokesman for the market watchdog.

The court’s ruling, which upheld the arbitration board’s verdict, is binding, the portal said, adding that four similar cases are currently under way.

To contact the reporter on this story: Edith Balazs in Budapest at ebalazs1@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net


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