First victory in loan account fees case

A Prague municipal court ruled for the plaintiff on Thursday in the first of thousands of ongoing court cases against banks and lending institutions. Michal Novák will receive 4,200 crowns from Hypoteční banka as compensation for being charged a maintenance fee for his loan account. Around 130 thousand clients have filed similar charges against major financial institutions from which they had taken out loans or mortgages and this decision may serve as a precedent for upcoming trials.

Author: Masha Volynsky