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EU court rules against Santander unit for not reducing total loan costs

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EU court rules against Santander unit for not reducing total loan costs

The European Court of Justice has ruled against Banco Santander SA unit Santander Consumer Finance and Polish banks SKOK and mBank SA for not reducing the total cost of a loan in the case of early repayments, Europa Press reported.

The banks had charged customers for early repayments that were not related to the length of the contract, the Sept. 24 report said, something that went against European law.