Cypriot Property Lawsuit Settles Out of Court, London
British investors who filed legal actions in Cyprus over property issues, have just settled out of court.
Thousands of UK homeowners who acquired Cypriot equity sued Alpha Bank Cyprus and property developers, lawyers and real estate agents. In their suit, it claims they were instructed to purchase estates with Swiss franc mortgages, due to their reported stable and cheap interest rates. Yet, when the island's property market desecrated, property rates severely decreased, while the franc rose.
The British citizens also stated that they were taken advantage of by Cyprus, and were not offered any advice or knowledge of risks associated with their purchases. Their claims were settled out of court on June 6th; a court hearing was previously scheduled in London's High Court for this week.
London attorney Duncan McNair who worked with approximately 100 involved purchasers stated, "We have been battling hard to ensure justice for victims of unconscionable conduct by Cypriot banks, developers, their sales agents and lawyers. This settlement of an early batch of claims on terms acceptable to victims helps us build on the position we have achieved to date for our clients", according to Parikiaki.
The lawyer added, "The Cypriot banks are concerned to avoid adverse findings (for them) that the English courts should have jurisdiction to hear claims of mis-selling of properties and loans. They have argued that the claims should be heard in Cyprus, where regrettably the Court system is characterised by delay, uncertainty and a good deal of unreliability".
McNair offered the following advice, "Beware unqualified claims handlers whose terms of engagement are obscure and whose interests in the matter can be unclear. Beware also 'offers' from banks which never in fact materialise. Above all, don't delay: numerous victims of non-performing loans are being sued in Cyprus, and judgments obtained there can be, and are, vigorously enforced by banks against victims' UK assets".
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