Consumer associations expect to file lawsuits against Arion Banki, Íslandsbanki and Landsbankinn in the coming weeks over non-transparent interest rate decisions. Over 1,100 borrowers want to take part in a class action.
In spring this year, consumer associations launched a campaign to raise awareness of the alleged illegality of the terms and redemption of floating rate loans. In recent months, the association has been preparing a lawsuit against banks, and Breki Karlsson, chairman of the association, says the data requested by the banks is being processed. “This job is going well, but a little slower than we’d like – both because the scope is much larger than expected, but also because of the holidays and other issues that delayed things a bit.” Says Breki.
About 1,100 borrowers have registered with the association’s website, which calls for cases, and the number of cases has increased to more than 4,000. Breki says she expects to choose three of them that are pictorial for the whole and continue them. “We hope to point out these issues in the coming weeks” Says Breki.