Consumer Litigation Update – Caveat Creditor

There have been significant developments in litigation relating to retail banking products in Slovenia this past year. On the one hand, legacy mass litigations relating to loans granted in or linked to the Swiss franc have taken a dramatic turn due to a slate of recent Supreme Court decisions. On the other hand, the first rounds of written pleadings have been exchanged in several ground-breaking collective action proceedings initiated against banks by consumer organisations in relation to EURIBOR-floor clauses in retail loan agreements.

CHF litigations: a dangerous precedent?

The topic of loans denominated in Swiss francs has been a source of legal and political controversy ever since consumers filed the first lawsuits against banks in 2015 because their payment obligations in euros increased due to a shift in the EUR:CHF exchange rate. Unlike some other CEE jurisdictions, Slovenia has not adopted specific legislation addressing Swiss franc loans, aside for a