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ZRVP Successful for Banca Transilvania Before Court of Justice of the European Union

ZRVP Successful for Banca Transilvania Before Court of Justice of the European Union

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Zamfirescu Racoti Vasile & Partners has successfully represented Banca Transilvania in a contract dispute before the Court of Justice of the European Union.

According to ZRVP, in its July 9, 2020 judgment, the CJEU rules that "a contractual term, be it even not negotiated, which restates a suppletive rule of the domestic law, falls outside the scope of application of Council Directive 93/13/EEC on unfair terms in consumer contracts."

According to ZVRP, "the judgment ... is important for the resolution of disputes between debtors and banks, in the sense that a debtor has the obligation to reimburse a loan in the agreed foreign currency and irrespective of the fluctuations of such currency."

ZRVP’s team consisted of Senior Partner Stan Tirnoveanu and Managing Associates Laura Retegan and Alexandru Iorgulescu.

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