25 November 2013

Favourable judgment for the bank in currency options case [November 2013]

On 19th November, the Appellate Court in Katowice shared the standpoint presented by the law firm Budzowska Fiutowski and Partners representing one of the Polish banks and dismissed the appeal of the opposing party in currency options case.

On 19th November, the Appellate Court in Katowice shared the standpoint presented by the law firm Budzowska Fiutowski and Partners representing one of the Polish banks and dismissed the appeal of the opposing party in currency options case. Thus, the decision awarding to the bank 1.3 million PLN with interest became final. The court case lasted more than 4 years. The courts of a lower and a higher instance had shared the standpoint of Att. Benedykt Fiutowski, the counsel of the bank, who argued that the claim of the bank resulting from the agreement concluded in 2008 in respect of currency options was justified. The courts did not agree with the defendant’s allegations, according to which the currency options agreement was null and void due to the violation of the principles of social coexistence. Neither did the court agree with the defendant’s allegations that the bank failed to comply with it disclosure requirements under Investment Services Directive – Markets in Financial Instruments Directive (MiFID) and the so-called “switch”, which – in the opinion of the court – affected only one party to the agreement (i.e. bank), in accordance with the agreement, rather than both parties – as claimed by the defendant. The Court of Appeal ruled in this case for the second time, because the earlier judgment, setting aside the judgment of the first instance and remanding it for further proceedings, was –upon the complaint filed by Att. Benedykt Fiutowski, repealed by the Supreme Court. The judgment at issue is yet another court decision obtained by Budzowska Fiutowski and Partners for its Client in more than four-year-long judicial proceedings related to currency options.

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