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Franc Association has achive a major victory in the collective court procedure
In this collective procedure, 8 banks were found to have, in a period of 4 years (from 2004 to 2008), contracted a null and void Swiss Franc currency clause as well as an interest rate. This currency clause was changed by the bank’s unilateral decision. The collective procedure was over once the Constitutional Court rejected the banks’ complaints.
Based on the Constitutional Court’s ruling, around 70,000 families are now directly entitled to lawsuits and restitution, while the other 55,000 who in 2016 converted Swiss Franc loans into Euro loans are still waiting for a ruling by the European Court of Justice in case C-567/20.
The banks owe the consumers around 3 billion euros, default interest included. The European Court of Justice will also have confirm the positions known from judgments C-118/17, C-260/18 and C-452/18, which states that despite a conversion or a settlement, a national court has to determine whether the consumer has been fully compensated by the conversion or not.
From the other assotiatins in Europe we are hoping that this victory will help to create case law in countries where the nullity of this currency clause has not been established yet.
