Bulgarian Court of Cassation resolved: the borrowers should not pay their loans in Swiss francs.
More than six years we represent before the court borrowers who claim that they are not liable for payment of their loans in Swiss francs, because the loan agreements were not concluded in a transparent manner, the terms were misleading, the loan amount was provided in Bulgarian leva or in Euro, and the FX clauses are unfair. Bulgarian courts were very sceptical of the facts, that a banking institution could act in a bad faith vis-à-vis unlimited set of consumers, and, furthermore, that a bank could be ordered to lose its profits from the increasing currency rate of the Swiss franc, earned by using unfair terms.
On 10.07.2018 the Bulgarian Court of Cassation delivered the first judgment where the clauses providing for loan repayment in Swiss francs were declared unfair and void. We filed the lawsuit in 2014. This is the first lawsuit in Bulgaria where the Court of Cassation clearly states that the “FX clauses” are unfair and not binding for the borrowers. Out team is proud that with our longstanding efforts, persistence and devotion to the cause we succeeded to contribute to solving the problem of thousands families.