Top EU Court Says Foreign Currency Loans Need Full Disclosure

Law360, London (September 22, 2017, 1:39 PM BST) — The European Union’s highest court has ruled that lenders must explain to borrowers in plain, intelligible language the economic risks involved in a loan denominated in a foreign currency.

The ruling came in a case brought by a group of borrowers after a drastic change in exchange rates meant a debt could no longer be serviced.

The Court of Justice of the European Union handed down a judgment on Wednesday saying that financial institutions are required under EU law to provide consumers with “all relevant” information…

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