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SSW Pragmatic Solutions Successful for Erbud in PLN 100 Million Compensation Dispute

SSW Pragmatic Solutions Successful for Erbud in PLN 100 Million Compensation Dispute

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SSW Pragmatic Solutions has successfully represented Erbud before the Warsaw Court of Appeal in a PLN 100 million compensation dispute against Bank Millennium.

According to the firm, "the dispute concerned the 2008 currency options transactions offered to hedge against exchange rate risk in respect of euro-denominated contracts executed by Erbud. The company claimed that the product was not optimal to its needs. In the fourth quarter of 2008, given the sharp depreciation of the PLN/EUR currency pairing, the bank informed Erbud of the negative valuation of its assets at that time."

"The claim brought by Erbud against Bank Millennium for compensation of harm consisted of payments drawn by the bank from the company’s bank account, lost profits, and the costs of legal and financial advisers," according to SSW Pragmatic Solutions.

The Court of Appeal ordered Bank Millenium to pay PLN 100 million in compensation, the firm informed. "The judgment is final but may be appealed against by the Bank to the Supreme Court."

SSW Pragmatic Solutions has also advised Erbud on earlier proceedings regarding its dispute with Millennium Bank (as reported by CEE Legal Matters on June 11, 2018).

Erbud is active in construction, road engineering, industrial buildings, and engineering and maintenance services for the industry and power sector.

The SSW Pragmatic Solutions team was led by Partners Wojciech Szczepaniak, Janusz Mazurek, and Lukasz Cudny and included Associates Helena Czechowska and Katarzyna Rozaniecka.

Poland Knowledge Partner

Penteris is a law firm combining in-depth expertise, robust advice, and a pan-regional reach.

We provide full-service business law advice within five sector lines: Energy & natural resources, Financial institutions, Private equity, Real estate, and Retail.

On the market since 2001, we were originally part of a Scandinavian law firm and then a founding office of a pan-Baltic organisation.

Our attorneys will work closely with you, providing you with the hard skills, service-minded know-how, and legal expertise that will keep you secure while you lead the market.

Our skills are at your disposal:

  • Expertise and passion wrapped up in a personal service
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  • Ability to listen, understand, and deliver for the tangible benefit of the client.

The team continues to be internationally recognised year on year, most recently by Chambers Global 2020, Chambers Europe 2020, and The Legal 500 EMEA 2020.

Firm's website: https://penteris.com

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