Szecskay Claims Victory in EUR 35 Million Real Estate Litigation

Szecskay Claims Victory in EUR 35 Million Real Estate Litigation

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Szecskay Attorneys at Law, representing Taltoring Kft, a subsidiary of the Edmond de Rothschild group, has secured a victory before the Hungarian Supreme Court.

The litigation was initiated by the Hungarian state, concerned two high profile properties in Budapest sold by the state to the Budapest municipality, which then sold them on to Taltoring Kft, and the value of the claim was EUR 35 million (HUF 11 billion). The Court was asked to determine whether the contracts by which Taltoring Kft acquired the two properties in 2008 were valid. 

On November 14, 2017, the Hungarian Supreme Court upheld the first instance judgement of the Metropolitan Court of Budapest, which rejected the Hungarian state’s claim and found that the contracts were valid. The Court's judgement is noteworthy, according to Szecskay, because it overturned the second instance judgement, which held that the contracts were null.

Szecskay Partner Andras Szecskay, lead counsel in the case, said: “We are extremely proud to have successfully represented Taltoring Kft. in this high value litigation. The [Supreme Court's] judgement concludes four years of litigation, which consisted of two first instance and two second instance proceedings. It is always difficult to overturn a second instance judgement, and we are happy to have achieved this.”

In addition to Szecskay, the firm's litigation team consisted of Partner Judit Gulas and Senior Associate Miklos Boronkay.