THE ASSOCIATE firms of The Anglo-Hellenic & Cypriot Law Association, including prominent firms such as Highgate Hill Solicitors and Alexandrou Law Offices, have begun accepting instructions (indeed they have so far received over 400 instructions) from people who have been missold Swiss Franc loans, attached to off-plan property in Cyprus, in a co-ordinated move to bring a direct action at the European Court of Justice.
The action focuses on the serious systemic failings in the Banks, which led to the misselling of these foreign exchange loans. Particularly as regards the obligations of the Banks, as provided for under European Law, such as their failure to advise on the inherent risks of that particular type of investment, provide clear information generally, assess the appropriateness of the investment for the each individual retail client and to take reasonable steps to achieve the best possible result for the clients.
The action will also seek to highlight the significant regulatory failings that allowed the misselling to take place, and pursue a claim for damages against the responsible European authorities.
There is no a strong movement growing across Europe against foreign exchange loans. This year there has been great strides taken, by the Courts, in the Balkan states:
- In Croatia there has been a favourable judgment in the Court of First Instance which is now on Appeal.
- In Montenegro there has been a favourable judgment at the Court of Appeal.
- In Bosnia, where it is only legal to provide foreign exchange loans to businesses, the Courts have also ruled favourably, when such loans were being provided to retail clients.
- Now in Hungary the Prime Minister, and the Ministry of Justice, have asked the Supreme Court to rule on the matter, and a favourable judgment is expected shortly.
It is currently estimated that there are approximately 70,000 litigants across Europe, on the issue of loans linked the Swiss Franc alone, with many thousands that have not yet begun to approach the Courts.
It is now a pan-European problem in need of a pan-European solution, which should begin with a ruling from the European Court of Justice to give fair and certain redress across the entire Union, and by holding the regulators to account can help ensure that it does not happen again.
While bringing an action against the regulators will not rescind the contracts it provides the now impecunious victims of these foreign exchange loans another avenue to pursue for compensation, for the damage that they have suffered.
Any persons interested in this should contact email@example.com for more details.