Austrian courts struggle to handle downturn cases
Courts in Austria have been unable to deal with a flow of cases that sprang out of the 2008 downturn, leaving thousands of civil cases and even some criminal cases unresolved.
The financial services sector is also concerned that some judges have not understood the workings of the sector and have ordered compensation which might not have been merited. David Bauer of DLA Piper’s Vienna office said: ‘The general trend [of these rulings] runs in favour of investors and more consumer protection at the expense of the banks. There is a feeling among bankers that the judges do not understand the complexity of the products and the situations.’ Source: Financial Times
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