After the ruling of the Court of Cassation, which deemed the Euribor rate for the period 2005-2008 illegitimate, Assoutenti Sicilia starts the requests for compensation.
Catania, February 23 rd, 2024 – The interest rate determined by the Euribor applied on variable rate mortgages between 2005 and 2008 was manipulated by a cartel of four banks (Barclays plc, Deutsche Bank, Société Générale and the Royal Bank of Scotland ) and consequently it was deemed illegitimate by a recent ruling of the Court of Cassation.
Euribor is the acronym for “Euro Inter Bank Offered Rate” which, to simplify, is an interest rate calculated by averaging the rates of the main European banks when liquidity exchanges take place between them.
In everyday life this parameter is also used to decide the change in interest on mortgages. With the Supreme Court ruling of December 2023, it was reiterated that 4 banks manipulated the interest rate calculated with the Euribor with the aim of obtaining advantages, therefore the rate applied in that period of time was invalidated.
Assoutenti Sicilia (www.assoutentisicilia.it), in the person of the spokesperson Avv. Carmen Ferro, takes action in favor of citizens damaged by mortgages applied with the manipulated Euribor and gives the green light to requests for compensation in favor of those who have paid interest rates unfairly increased.
“This is a very important decision which opens the doors to compensation requests for all consumers who had taken out a variable rate mortgage in the period between 2005 and 2008. The mortgages are in fact in conflict with Italian and European antitrust legislation and this regardless of whether or not the individual contracting bank participated in the agreement declared illicit“, declares the lawyer. Carmen Ferro from Assoutenti Sicilia.
Assoutenti Sicilia therefore invites all consumers with a variable rate mortgage active in the period between 2005 and 2008 to contact the provincial offices to examine the case, visit the website www.assoutentisicilia.it to download the refund request form to fill in and send by email to: ufficiolegale@assoutenti.it.
About Assoutenti Sicilia APS
Assoutenti Sicilia APS is the leading association of the project within the Regions’ Initiatives for the benefit of consumers Ministerial Decree. May 6th, 2022 art. 7 (Regional consumer counter network) Legislative Decree 04/08/2023 (Decree) – Art. 148 of law December 23rd, 2000, n. 388.
