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Report: Commerzbank's Polish unit facing another class action

Morethan 500 clients of CommerzbankAG's Polish unit mBank SA launched a class action against the lender in relationto Swiss-franc-indexed mortgage loans, with a hearing scheduled for December, Parkiet reported Oct. 10, citing newsagency PAP.

388clients launched the class suit at the district court in the city of Lódz inApril, but their number has since grown to 540, according to the report.They are reportedly demanding the annulment of entire loan contracts, or atleast of those contract clauses they deem unfair and abusive.

Thesame court already ruled against the lender in a similar class action in 2013, orderingthe bank to pay compensation to 1,247 customers for inflated interest rates ontheir mortgage repayments, with the ruling upheld by a court of appeal, Parkiet said. However, mBank filed acassation appeal to the Supreme Court, which overturned the earlier verdict in2015 and sent the case back to the court of appeal for reconsideration, thenewspaper added.